3Ware 2004 Annual Report Download - page 72

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REPORT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors
Applied Micro Circuits Corporation
We have audited the accompanying consolidated balance sheets of Applied Micro Circuits Corporation as of
March 31, 2003 and 2004, and the related consolidated statements of operations, stockholders’ equity, and cash
flows for each of the three years in the period ended March 31, 2004. Our audits also included the financial
statement schedule listed in the index at Item 15(a). These financial statements and schedule are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the consolidated financial position of Applied Micro Circuits Corporation at March 31, 2003 and 2004, and the
consolidated results of its operations and its cash flows for each of the three years in the period ended March 31,
2004, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related
financial statement schedule, when considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.
As discussed in Note 1 to the consolidated financial statements, effective April 1, 2002, the Company
adopted Financial Accounting Standards Board No. 142, “Goodwill and Other Intangible Assets.”
/s/ E
RNST
&Y
OUNG
LLP
San Diego, California
April 16, 2004
F-2