Callaway 1998 Annual Report Download - page 40

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CALLAWAY GOLF COMPANY
38
To the Board of Directors and Shareholders of Callaway Golf Company
In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of operations, of cash flows
and of shareholders’ equity present fairly, in all material respects, the financial position of Callaway Golf Company and its sub-
sidiaries at December 31, 1998 and 1997, and the results of their operations and their cash flows for each of the three years in
the period ended December 31, 1998, in conformity with generally accepted accounting principles. These financial statements
are the responsibility of the Company’s management; our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards
which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above.
San Diego, California
January 26, 1999, except as to
Note 16, which is as of February 12, 1999
REPORT OF INDEPENDENT ACCOUNTANTS