Callaway 2002 Annual Report Download - page 73

70 CALLAWAY GOLF COMPANY
THE FOLLOWING AUDIT REPORT OF ARTHUR ANDERSEN LLP
("ARTHUR ANDERSEN") IS A COPY OF THE ORIGINAL AUDIT
REPORT DATED JANUARY 15, 2002, PREVIOUSLY ISSUED BY
ARTHUR ANDERSEN IN CONNECTION WITH THE AUDIT OF THE
COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS
INCLUDED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2001. THIS AUDIT REPORT
HAS NOT BEEN RE-ISSUED BY ARTHUR ANDERSEN AS THEY
HAVE CEASED OPERATIONS. WE ARE INCLUDING THIS COPY OF
THE ARTHUR ANDERSEN AUDIT REPORT PURSUANT TO RULE 2-
02(e) OF REGULATION S-X UNDER THE SECURITIES ACT OF 1933.
Repo rt o f In d epend e nt Public
Accountants
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
CALLAWAY GOLF COMPANY:
We have audited the accompanying consolidated balance sheet of
Callaway Golf Company (a Delaware corporation) and Subsidiaries
as of December 31, 2001, and the related consolidated statements of
operations, shareholders’ equity, and cash flows for the year ended
December 31, 2001. 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 audit.
We conducted our audit in accordance with auditing standards
generally accepted in the 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Callaway
Golf Company and Subsidiaries as of December 31, 2001, and the
results of their operations and their cash flows for the year ended
December 31, 2001 in conformity with accounting principles
generally accepted in the United States.
ARTHUR ANDERSEN LLP
San Diego, California January 15, 2002
(except with respect to the matter discussed in Note 17,
as to which the date is February 11, 2002)
Repo rt o f In d epend e nt Public
Accou n tant s
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
CALLAWAY GOLF COMPANY:
In our opinion, the accompanying consolidated statements of
operations, of cash flows and of shareholders’ equity for the year
ended December 31, 2000 present fairly, in all material respects,
the results of operations and cash flows of Callaway Golf
Company and its subsidiaries for the year 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 responsi-
bility is to express an opinion on these financial statements
based on our audit. We conducted our audit 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 audit
provides a reasonable basis for our opinion.
/s/ PRICEWATERHOUSECOOPERS, LLP
San Diego, California
March 19, 2001