Expedia 2005 Annual Report Download - page 60

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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Expedia, Inc.
We have audited the accompanying combined balance sheet of Expedia, Inc. (the Company) as of
December 31, 2004, and the related combined statements of income, stockholders' equity and
comprehensive income and cash flows for each of the two years in the period ended December 31, 2004.
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 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. We were
not engaged to perform an audit of the Company's internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such
opinion. An audit also 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.
In our opinion, the combined financial statements referred to above present fairly, in all material
respects, the combined financial position of Expedia, Inc. as of December 31, 2004, and the combined
results of its operations and its cash flows for each of the two years in the period ended December 31,
2004, in conformity with accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
New York, New York
April 18, 2005
F-3