Expedia 2008 Annual Report Download - page 74

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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Expedia, Inc.
We have audited the accompanying consolidated balance sheets of Expedia, Inc. as of December 31, 2008
and 2007, and the related consolidated statements of operations, consolidated statements of changes in
stockholders’ equity and comprehensive income (loss), and consolidated statements of cash flows for each of
the three years in the period ended December 31, 2008. 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. 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 audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Expedia, Inc. at December 31, 2008 and 2007, and the consolidated results
of its operations and its cash flows for each of the three years in the period ended December 31, 2008, in
conformity with U.S. generally accepted accounting principles.
As discussed in Note 2 to the consolidated financial statements, the Company adopted Financial
Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes —
an interpretation of FASB Statement No. 109, effective January 1, 2007.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), Expedia, Inc.’s internal control over financial reporting as of December 31, 2008, based
on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 18, 2009 expressed an unqualified
opinion thereon.
/s/ Ernst & Young LLP
Seattle, Washington
February 18, 2009
F-2