eTrade 2003 Annual Report Download - page 51

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Table of Contents
Index to Financial Statements
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors and Shareholders of
E*TRADE Financial Corporation
Arlington, Virginia
We have audited the accompanying consolidated balance sheets of E*TRADE Financial Corporation and subsidiaries (the “Company”)
as of December 31, 2003 and 2002, and the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity,
and cash flows for each of the three years in the period ended December 31, 2003. These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on the consolidated financial statements based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of E*TRADE
Financial Corporation and subsidiaries as of December 31, 2003 and 2002, and the results of their operations and their cash flows for each of
the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of
America.
As discussed in Note 9, effective January 1, 2002, the Company changed its method of accounting for goodwill and other intangible
assets to conform to Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets .
/
S
/ D
ELOITTE
& T
OUCHE LLP
McLean, Virginia
March 9, 2004
43