Audiovox 2003 Annual Report Download - page 73

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Independent Auditors' Report
The Board of Directors and Stockholders
Audiovox Corporation:
We have audited the accompanying consolidated balance sheet of Audiovox
Corporation and subsidiaries as of November 30, 2002, and the related
consolidated statements of operations, stockholders' equity and comprehensive
loss and cash flows for each of the years in the two−year period ended November
30, 2002. These consolidated financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. 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 financial position of Audiovox Corporation
and subsidiaries as of November 30, 2002, and the results of their operations
and their cash flows for each of the years in the two−year period ended November
30, 2002, in conformity with accounting principles generally accepted in the
United States of America.
As discussed in Note 1, effective December 1, 2001, the Company adopted the
provisions of Statement of Financial Accounting Standards (Statement) No. 141,
"Business Combinations" and Statement No. 142, "Goodwill and Other Intangible
Assets".
As discussed in Note 2 to the accompanying consolidated financial statements,
the consolidated statements of operations, stockholders' equity and
comprehensive loss and cash flows for the year ended November 30, 2001 have been
restated.
s/KPMG LLP
KPMG LLP
Melville, New York
May 30, 2003
72