Washington Post 2003 Annual Report Download - page 58

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REPORT OF INDEPENDENT AUDITORS
To The Board of Directors and Shareholders of The Washington Post Company:
In our opinion, the consolidated financial statements referred to under Item 15(a)(i) on page 23 and listed in the index on page 25 present
fairly, in all material respects, the financial position of The Washington Post Company and its subsidiaries at December 28, 2003 and
December 29, 2002, and the results of their operations and their cash flows for each of the three fiscal years in the period ended
December 28, 2003, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion,
the financial statement schedule referred to under Item 15(a)(i) on page 23 presents fairly, in all material respects, the information set forth
therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule
are the responsibility of the Company's management; our responsibility is to express an opinion on these financial statements and financial
statement schedule 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 A to the financial statements, the Company ceased amortizing certain goodwill and intangibles as a result of the adoption
of Statement of Financial Accounting Standards No. 142, ""Goodwill and Other Intangible Assets,'' effective on the first day of its 2002 fiscal
year. Also as discussed in Note A, the Company adopted the fair-value-based method of accounting for stock options as outlined in Statement
of Financial Accounting Standards No. 123, ""Accounting for Stock-Based Compensation,'' beginning with stock options granted in fiscal
2002 and thereafter.
PricewaterhouseCoopers LLP
Washington, D.C.
February 20, 2004
38 THE WASHINGTON POST COMPANY