Abercrombie & Fitch 2005 Annual Report Download - page 42

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Abercrombie &Fitch
40
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF ABERCROMBIE & FITCH CO.:We have
completed integrated audits of Abercrombie & Fitch Co.’s fiscal 2005 and fiscal 2004 consolidated financial statements
and of its internal control over financial reporting as of January 28, 2006, and an audit of its fiscal 2003 consolidated
financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Our opinions, based on our audits, are presented below.
CONSOLIDATED FINANCIAL STATEMENTS In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of net income and comprehensive income, of shareholders’ equity and of cash
flows, present fairly, in all material aspects, the financial position of Abercrombie & Fitch Co. and its subsidiaries
at January 28, 2006 and January 29, 2005, and the results of their operations and their cash flows for each of the
three years in the period ended January 28, 2006 in conformity with accounting principles generally accepted in
the United States of America. 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 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 financial statements are free of material misstatement. An audit of financial statements 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.
INTERNAL CONTROL OVER FINANCIAL REPORTING Also, in our opinion, management’s assessment,
included in the accompanying Management’s Report on Internal Control over Financial Reporting, that the
Company maintained effective internal control over financial reporting as of January 28, 2006 based on criteria
established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO), is fairly stated, in all material respects, based on those criteria. Furthermore,
in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting
as of January 28, 2006, based on criteria established in Internal Control - Integrated Framework issued by the
COSO. The Company’s management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility