Adobe 2004 Annual Report Download - page 62

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62
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
Adobe Systems Incorporated:
We have audited management’s assessment, included in the accompanying Management’s Report on Internal
Control over Financial Reporting appearing under Item 9A, that Adobe Systems Incorporated maintained effective
internal control over financial reporting as of December 3, 2004, based on the criteria established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Management of Adobe Systems Incorporated 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 is to express an opinion on management’s assessment and an opinion on the
effectiveness of the internal control over financial reporting of Adobe Systems Incorporated based on our audit.
We conducted our audit 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 effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, evaluating management’s
assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such
other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
In our opinion, management’s assessment that Adobe Systems Incorporated maintained effective internal
control over financial reporting as of December 3, 2004, is fairly stated, in all material respects, based on criteria
established in Internal Control—Integrated Framework issued by the COSO. Also, in our opinion, Adobe Systems
Incorporated maintained, in all material respects, effective internal control over financial reporting as of
December 3, 2004, based on the criteria established in Internal Control—Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated balance sheets of Adobe Systems Incorporated and subsidiaries as of December 3,
2004 and November 28, 2003, and the related consolidated statements of income, stockholders’ equity, and cash
flows for each of the years in the three-year period ended December 3, 2004, and our report dated January 31, 2005
expressed an unqualified opinion on those consolidated financial statements.
KPMG LLP
Mountain View, California
January 31, 2005