Yahoo 2003 Annual Report Download - page 51

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Report of Independent Auditors
To the Board of Directors and Stockholders of Yahoo! Inc.:
In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material
respects, the financial position of Yahoo! Inc. and its subsidiaries at December 31, 2002 and 2003, 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. In addition, in our opinion, the financial
statement schedule listed in the accompanying index 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 4 to the accompanying consolidated financial statements, effective January 1, 2002, the Company
changed its method of accounting for goodwill in accordance with Statement of Financial Accounting Standards No. 142,
‘‘Goodwill and Other Intangible Assets.’’
/s/ PricewaterhouseCoopers LLP
San Jose, California
February 25, 2004
45