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This excerpt taken from the WYN 10-Q filed May 8, 2008. REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Wyndham Worldwide Corporation Board of Directors and
Shareholders
Wyndham Worldwide Corporation
Parsippany, New Jersey
We have reviewed the accompanying consolidated balance sheet of
Wyndham Worldwide Corporation and subsidiaries (the
“Company”) as of March 31, 2008, the related
consolidated statements of income and cash flows for the
three-month periods ended March 31, 2008 and 2007, and the
related consolidated statement of stockholders’ equity for
the three-month period ended March 31, 2008. These interim
financial statements are the responsibility of the
Company’s management.
We conducted our reviews in accordance with the standards of the
Public Company Accounting Oversight Board (United States).
A review of interim financial information consists principally
of applying analytical procedures and making inquiries of
persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in
accordance with the standards of the Public Company Accounting
Oversight Board (United States), the objective of which is the
expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material
modifications that should be made to such consolidated interim
financial statements for them to be in conformity with
accounting principles generally accepted in the United States of
America.
Prior to its separation from Cendant Corporation
(“Cendant”; known as Avis Budget Group since
August 29, 2006), the Company was comprised of the assets
and liabilities used in managing and operating the lodging,
vacation exchange and rental and vacation ownership businesses
of Cendant. Included in Notes 13 and 14 of the consolidated
financial statements is a summary of transactions with related
parties. As discussed in Note 13 to the consolidated
financial statements, in connection with its separation from
Cendant, the Company entered into certain guarantee commitments
with Cendant and has recorded the fair value of these guarantees
as of July 31, 2006. As discussed in Note 8 to the
consolidated financial statements, the Company adopted Financial
Accounting Standards Board Interpretation No. 48,
Accounting for Uncertainty in Income Taxes — an
interpretation of FASB Statement No. 109 on January 1,
2007. Also, as discussed in Notes 1 and 7 to the
consolidated financial statements, the Company adopted Statement
of Financial Accounting Standards No. 157, Fair Value
Measurements, on January 1, 2008, except as it applies to
those nonfinancial assets and nonfinancial liabilities as noted
in FASB Staff Position (“FSP”)
FAS 157-2,
which was issued on February 12, 2008.
We have previously audited, in accordance with the standards of
the Public Company Accounting Oversight Board
(United States), the consolidated balance sheet of Wyndham
Worldwide Corporation and subsidiaries as of December 31,
2007, and the related consolidated statements of income,
stockholders’ equity, and cash flows for the year then
ended (not presented herein); and in our report dated
February 29, 2008, we expressed an unqualified opinion
(which included an explanatory paragraph relating to the fact
that, prior to its separation from Cendant, the Company was
comprised of the assets and liabilities used in managing and
operating the lodging, vacation exchange and rental and vacation
ownership businesses of Cendant. Included in Notes 20 and
21 of the consolidated and combined financial statements is a
summary of transactions with related parties. As discussed in
Note 14 to the consolidated and combined financial
statements, in connection with its separation from Cendant, the
Company entered into certain guarantee commitments with Cendant
and has recorded the fair value of these guarantees as of
July 31, 2006. As discussed in Note 1 to the
consolidated and combined financial statements, as of
January 1, 2006, the Company adopted the provisions for
accounting for real estate time-sharing transactions. Also, as
discussed in Note 2 to the consolidated and combined
financial statements, the Company adopted Financial Accounting
Standards Board Interpretation No. 48, Accounting for
Uncertainty in Income Taxes — an interpretation of
FASB Statement No. 109 on January 1, 2007) on
those consolidated and combined financial statements. In our
opinion, the information set forth in the accompanying
consolidated balance sheet as of December 31, 2007 is
fairly stated, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
/s/ Deloitte &
Touche LLP
Parsippany, New Jersey
May 8, 2008
Table of Contents
This excerpt taken from the WYN 10-Q filed May 10, 2007. REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Wyndham Worldwide Corporation Board of Directors and
Shareholders
Parsippany, New Jersey
We have reviewed the accompanying condensed consolidated balance
sheet of Wyndham Worldwide Corporation and subsidiaries (the
“Company”) as of March 31, 2007, the related
condensed consolidated and combined statements of income and
cash flows for the three-month periods ended March 31, 2007
and 2006, and the related condensed consolidated statement of
stockholders’ equity for the three-month period ended
March 31, 2007. These interim financial statements are the
responsibility of the Company’s management.
We conducted our reviews in accordance with the standards of the
Public Company Accounting Oversight Board (United States). A
review of interim financial information consists principally of
applying analytical procedures and making inquiries of persons
responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in
accordance with the standards of the Public Company Accounting
Oversight Board (United States), the objective of which is the
expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material
modifications that should be made to such condensed consolidated
and combined interim financial statements for them to be in
conformity with accounting principles generally accepted in the
United States of America.
As discussed in Note 1 to the condensed consolidated and
combined financial statements, prior to its separation from
Cendant Corporation (“Cendant”; known as Avis Budget
Group since August 29, 2006), the Company was comprised of
the assets and liabilities used in managing and operating the
lodging, vacation exchange and rental and vacation ownership
businesses of Cendant. Included in Notes 12 and 13 of the
condensed consolidated and combined financial statements is a
summary of transactions with related parties. As discussed in
Note 12 to the condensed consolidated and combined
financial statements, in connection with its separation from
Cendant, the Company entered into certain guarantee commitments
with Cendant and has recorded the fair value of these
guarantees. As discussed in Note 1 to the condensed
consolidated and combined financial statements, as of
January 1, 2006, the Company adopted the provisions for
accounting for real estate time-sharing transactions. Also as
discussed in Notes 1 and 7 of the condensed consolidated
and combined financial statements, the Company adopted the
provisions for accounting for uncertainty in income taxes, as of
January 1, 2007.
We have previously audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United States),
the consolidated balance sheet of Wyndham Worldwide Corporation
and subsidiaries as of December 31, 2006, and the related
consolidated statements of income, stockholders’ equity,
and cash flows for the year then ended (not presented herein);
and in our report dated March 7, 2007, we expressed an
unqualified opinion (which included an explanatory paragraph
relating to the fact that, prior to its separation from Cendant
Corporation (“Cendant”; known as Avis Budget Group
since August 29, 2006), the Company was comprised of the
assets and liabilities used in managing and operating the
lodging, vacation exchange and rental and vacation ownership
businesses of Cendant; included in Notes 20 and 21 of the
consolidated and combined financial statements is a summary of
transactions with related parties; discussed in Note 20 to
the consolidated and combined financial statements, in
connection with its separation from Cendant, the Company entered
into certain guarantee commitments with Cendant and has recorded
the fair value of these guarantees as of July 31, 2006; and
the Company adopted the provisions for accounting for real
estate time-sharing transactions) on those consolidated
financial statements. In our opinion, the information set forth
in the accompanying condensed consolidated balance sheet as of
December 31, 2006 is fairly stated, in all material
respects, in relation to the consolidated balance sheet from
which it has been derived.
/s/ Deloitte &
Touche LLP Parsippany, New Jersey May 10, 2007
Table of Contents
This excerpt taken from the WYN 10-Q filed Nov 14, 2006. REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Wyndham Worldwide Corporation Board of Directors
Parsippany, New Jersey
We have reviewed the accompanying condensed consolidated and
combined balance sheet of Wyndham Worldwide Corporation and
subsidiaries (the “Company”), as of September 30,
2006, the related condensed consolidated and combined statements
of income for the three-month and nine-month periods ended
September 30, 2006 and 2005, the related condensed
consolidated and combined statement of stockholders’ equity
for the nine-month period ended September 30, 2006, and the
related condensed consolidated and combined statements of cash
flows for the nine-month periods ended September 30, 2006
and 2005. These interim financial statements are the
responsibility of the Company’s management.
We conducted our reviews in accordance with the standards of the
Public Company Accounting Oversight Board (United States). A
review of interim financial information consists principally of
applying analytical procedures and making inquiries of persons
responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in
accordance with the standards of the Public Company Accounting
Oversight Board (United States), the objective of which is the
expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material
modifications that should be made to such condensed consolidated
and combined interim financial statements for them to be in
conformity with accounting principles generally accepted in the
United States of America.
As discussed in Note 1 to the condensed consolidated and
combined financial statements, prior to its separation from
Cendant Corporation (“Cendant”; known as Avis
Budget Group since August 29, 2006), the Company was comprised of the assets and
liabilities used in managing and operating the lodging, vacation
exchange and rental and vacation ownership businesses of
Cendant. Included in Note 14 of the condensed consolidated
and combined financial statements is a summary of transactions
with related parties. Also as discussed in Note 1 to the
condensed consolidated and combined financial statements, as of
January 1, 2006, the Company adopted the provisions for
accounting for real estate time-sharing transactions.
We have previously audited, in accordance with standards of the
Public Company Accounting Oversight Board (United States), the
combined balance sheet of Wyndham Worldwide Businesses of Cendant
Corporation as of December 31,
2005, and the related combined statements of income, invested
equity, and cash flows for the year then ended; and in our
report dated May 10, 2006 (June 15, 2006 as to the
effects of the restatement discussed in Note 22), we
expressed an unqualified opinion (which included an explanatory
paragraph relating to Wyndham Worldwide Businesses of Cendant
Corporation being comprised of the assets
and liabilities used in managing and operating the lodging,
vacation exchange and rental and vacation ownership businesses
of Cendant, as discussed in Note 1 to the combined
financial statements and the restatement of the combined balance
sheets, the combined statements of income and invested equity
and the combined statements of cash flows as discussed in
Note 22 to the combined financial statements) on those
combined financial statements.
/s/ Deloitte &
Touche LLP
Parsippany, New Jersey
November 14, 2006
Table of Contents
This excerpt taken from the WYN 8-K filed Jul 19, 2006. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Cendant Corporation Board of Directors: We have audited the accompanying combined balance sheets of the Wyndham Worldwide businesses of Cendant Corporation (the “Company”), consisting of certain businesses of Cendant Corporation (“Cendant”), as of December 31, 2005 and 2004, and the related combined statements of income, invested equity and cash flows for each of the three years in the period ended December 31, 2005. These combined financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these combined financial statements 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 combined financial statements are free of material misstatement. The Company has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such combined financial statements present fairly, in all material respects, the combined financial position of the Company as of December 31, 2005 and 2004, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2005, in conformity with accounting principles generally accepted in the United States of America. As discussed in Note 1 to the combined financial statements, the Company is comprised of the assets and liabilities used in managing and operating the lodging, vacation exchange and rental and vacation ownership businesses of Cendant. Included in Note 19 of the combined financial statements is a summary of transactions with related parties. As discussed in Note 22 to the combined financial statements, the Company has restated its combined balance sheets as of December 31, 2005 and 2004, the combined statements of income and invested equity for the year ended December 31, 2005, and the combined statements of cash flows for each of the three years in the period ended December 31, 2005. /s/ Deloitte & Touche LLP Parsippany, New Jersey May 10, 2006 (June 15, 2006 as to the effects of the restatement discussed in Note 22)
F-19
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