Audiovox 2010 Annual Report Download - page 48

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
Audiovox Corporation
We have audited the accompanying consolidated balance sheets of Audiovox Corporation (a Delaware corporation) and subsidiaries
(the “Company”) as of February 28, 2010 and 2009, and the related consolidated statements of operations, stockholders’ equity and
comprehensive income (loss), and cash flows for each of the three years in the period ended February 28, 2010. Our audits of the basic
financial statements included the financial statement schedule listed in the index appearing under Item 15. These financial statements
and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on
these financial statements and financial statement 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 financial position of
Audiovox Corporation and subsidiaries as of February 28, 2010 and 2009, and the results of their operations and their cash flows for
each of the three years in the period ended February 28, 2010 in conformity with accounting principles generally accepted in the
United States of America. 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(w) to the consolidated financial statements, effective March 1, 2009, the Company changed its method of
accounting for business combinations.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
Audiovox Corporation and subsidiaries’ internal control over financial reporting as of February 28, 2010, based on criteria established
in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) and our report dated May 14, 2010 expressed an unqualified opinion thereon.
/s/ GRANT THORNTON LLP
Melville, New York
May 14, 2010
31
Source: AUDIOVOX CORP, 10-K, May 14, 2010 Powered by Morningstar® Document Research℠