Intel 1999 Annual Report Download - page 54

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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 25, 1999 and December 26, 1998, and the
related consolidated statements of income, stockholders' equity, and cash flows for each of the three years in the period ended December 25,
1999. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these
financial statements 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 25, 1999 and December 26, 1998, and the consolidated results of its operations and its cash flows for each of
the three years in the period ended December 25, 1999, in conformity with accounting principles generally accepted in the United States.
Page 29
/s/ Ernst & Young LLP
San Jose, California
January 11, 2000