Symantec 2004 Annual Report Download - page 77

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SYMANTEC CORPORATION «75»
2004 Annual Report
The Board of Directors and Stockholders
Symantec Corporation:
We have audited the accompanying consolidated balance sheets of Symantec Corporation and subsidiaries (the Company) as
of March 31, 2004 and 2003, and the related consolidated statements of operations, stockholders’ equity and cash flows for each
of the years in the two-year period ended March 31, 2004. Our audits also included the financial statement schedule in Schedule II
for the each of the years in the two-year period ended March 31, 2004. These consolidated financial statements and schedule are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements
and schedule 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of
Symantec Corporation and subsidiaries as of March 31, 2004 and 2003, and the results of their operations and their cash flows for each of
the years in the two-year period ended March 31, 2004, in conformity with U.S. generally accepted accounting principles. Also, in our
opinion, the related financial statement schedule for each of the years in the two-year period ended March 31, 2004, 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 described in the Summary of Significant Accounting Policies to the consolidated financial statements, the Company adopted
Statement of Financial Accounting Standard No. 142 (“SFAS No. 142”), Goodwill and Other Intangible Assets, as of April 1, 2002. As
described in Note 4, these consolidated financial statements have been revised to include the transitional disclosures required by SFAS
No. 142. In our opinion, the disclosures for 2002 in Note 4 are appropriate. As described in Note 16, the disclosures in the notes to the
2002 consolidated financial statements relating to reportable segments have been restated. We audited the adjustments that were
applied to restate the disclosures for reportable segments reflected in the 2002 consolidated financial statements. In our opinion, such
adjustments are appropriate and have been properly applied. As described in Notes 17 and 18, the consolidated financial statements
for the year ended March 31, 2002 have been revised to reflect the reclassification of certain amounts to achieve comparability with the
2004 financial statement presentation. In our opinion, the reclassifications for 2002 are appropriate. However, we were not engaged to
audit, review, or apply any procedures to the 2002 consolidated financial statements of Symantec Corporation and subsidiaries other
than with respect to such aforementioned disclosures and reclassifications, and accordingly, we do not express an opinion or any other
form of assurance on the 2002 consolidated financial statements taken as a whole.
Mountain View, California
April 26, 2004, except as to Notes 17 and 19, which are as of June 10, 2004.
NReport of Independent Registered Public Accounting Firm