Intel 2003 Annual Report Download - page 91

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Table of Contents
Index to Financial Statements
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
The Board of Directors and Stockholders, Intel Corporation
We have audited the accompanying consolidated balance sheets of Intel Corporation as of December 27, 2003 and December 28, 2002,
and the related consolidated statements of income, stockholders’ equity, and cash flows for each of the three years in the period ended
December 27, 2003. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and
schedule are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements and
schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the 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 consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Intel Corporation at December 27, 2003 and December 28, 2002, and the consolidated results of their operations and their cash
flows for each of the three years in the period ended December 27, 2003, in conformity with accounting principles generally accepted in the
United States. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken
as a whole, presents fairly in all material respects the information set forth therein.
As discussed in Note 2 to the consolidated financial statements, effective December 30, 2001, the company adopted Statement of
Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets.”
/s/ Ernst & Young LLP
San Jose, California
January 13, 2004
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