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To the Board of Directors and
Shareholders of Cisco Systems, Inc.
In our opinion, the accompanying consolidated balance sheets and the
related consolidated statements of operations and of shareholders' equity
and of cash flows present fairly, in all material respects, the financial
position of Cisco Systems, Inc. and its subsidiaries at July 31, 1999 and
July 25, 1998, and the results of their operations and their cash flows
for each of the three years in the period ended July 31, 1999, in
conformity with generally accepted accounting principles. 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 of these statements in
accordance with generally accepted auditing standards, 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 the opinion expressed
above.
San Jose, California
August 10, 1999
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