Callaway 2004 Annual Report Download - page 67

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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Callaway Golf Company
Carlsbad, California
We have audited the accompanying consolidated balance sheets of Callaway Golf Company and
subsidiaries (the ""Company'') as of December 31, 2004 and 2003, and the related consolidated statements of
operations, shareholders' equity and comprehensive income and cash Öows for each of the three years in the
period ended December 31, 2004. Our audits also included the Ñnancial statement schedules listed in the
Index at Item (15)a2. These Ñnancial statements and Ñnancial statement schedules are the responsibility of
the Company's management. Our responsibility is to express an opinion on these Ñnancial statements and
Ñnancial statement schedules 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 consolidated Ñnancial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the Ñnancial
statements. An audit also includes assessing the accounting principles used and signiÑcant estimates made by
management, as well as evaluating the overall Ñnancial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such consolidated Ñnancial statements present fairly, in all material respects, the Ñnancial
position of Callaway Golf Company and subsidiaries as of December 31, 2004 and 2003, and the results of
their operations and their cash Öows for each of the three years in the period ended December 31, 2004, in
conformity with accounting principles generally accepted in the United States of America. Also, in our
opinion, such Ñnancial statement schedules, when considered in relation to the basic consolidated Ñnancial
statements taken as a whole, present fairly, in all material respects, the information set forth therein.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the eÅectiveness of the Company's internal control over Ñnancial reporting as of
December 31, 2004, based on the criteria established in Internal Control Ì Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission and our report, dated March 9,
2005, expressed an unqualiÑed opinion on management's assessment of the eÅectiveness of the Company's
internal control over Ñnancial reporting and an unqualiÑed opinion on the eÅectiveness of the Company's
internal control over Ñnancial reporting.
D
ELOITTE
& T
OUCHE
LLP
Costa Mesa, California
March 9, 2005
F-2