Callaway 2000 Annual Report Download - page 48

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Callaway Golf Company | 48
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 subsidiaries at
December 31, 2000 and 1999, and the results of their operations and their cash flows for each of the three years in the period ended
December 31, 2000 in conformity with accounting principles generally accepted in the United States of America. 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 auditing standards generally accepted in the United
States of America, 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 our opinion.
As discussed in Note 2 to the consolidated financial statements, the Company changed its revenue recognition policy effective
January 1, 2000.
ples used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that
ourdits provide a reasonable basis for the
San Diego, California
March 19, 2001
REPORT OF INDEPENDENT ACCOUNTANTS