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PricewaterhouseCoopers Independent Audit Report to HitwiseScope We have audited the assertions made by the Management of Hitwise Pty Ltd (Management) which are contained in the Management assertion letter dated 27 November 2008 (refer attached) in relation to the Competitive Intelligence Services (Web-ranking processes) for the period 1 August 2007 to 31 July 2008.
Management is responsible for maintaining an effective internal control structure including control procedures relating to the integrity of the Web-ranking processes. We have conducted an independent audit in order to express an opinion on the assertions made by Hitwise Pty Ltd.
Our audit was conducted in accordance with AUS 810 "Special Purpose Reports on the Effectiveness on Control Procedures" and accordingly included such tests and procedures as we considered necessary in the circumstances. These procedures have been undertaken to form an opinion whether in all material respects, the control procedures in relation to the Web-ranking processes were adequately designed and operated effectively in order to support our opinion on the assertions contained in the Management assertion letter dated 27 November 2008.
In accordance with our engagement letter, this report has been prepared solely for Hitwise in relation to its Competitive Intelligence Services (Web-ranking processes). We do not accept any responsibility to Hitwise for any consequences of its reliance on this report for any unintended purpose. Although we have agreed that this report may be displayed on the Hitwise web site (www.hitwise.com ), we note that Australian Auditing Standard AUS 810 is not designed for public reporting.
As we have not considered the circumstances of any other person, we do not accept any responsibility for any consequences of reliance on this report by anyone other than Hitwise for any purpose whatsoever.
Inherent limitations
Because of the inherent limitations in any internal control structure, it is possible that fraud, error, or non compliance with laws and regulations may occur and not be detected. Further the internal control structure, within which the internal control procedures that have been audited operate, has not been audited and no opinion is expressed as to its effectiveness.
An audit is not designed to detect all weaknesses in control procedures as it is not performed continuously throughout the period and the tests performed on the control procedures are on a sample basis.
Any projection of the evaluation of the control procedures to future periods is subject to the risk that procedures may become inadequate because of changes in conditions, or that the degree of compliance with them may deteriorate.
Findings
As part of this audit we have also reported to Management on particular facts and findings in relation to control weaknesses identified surrounding the Web-ranking processes. The identified control weaknesses were not of a significant nature that would warrant the issuance of a qualified audit opinion.
Audit Opinion
In our opinion, the assertion by Management that Hitwise Pty Ltd has maintained, in all material respects, effective control procedures in relation to the Web-ranking processes for the period 1 August 2007 to 31 July 2008 based on the criteria referred to above, is fairly stated.
Emphasis of Matter Without qualification to our opinion, we draw attention to the management assertion letter which comments on the improvements required to the processing of customer queries.
PricewaterhouseCoopers 5 December 2008 Andrew Elsworth Management Assertions
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