Adobe 2009 Annual Report Download - page 122

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
Adobe Systems Incorporated:
We have audited the accompanying consolidated balance sheets of Adobe Systems Incorporated and subsidiaries as of
November 27, 2009 and November 28, 2008, and the related consolidated statements of income, stockholders’ equity and
comprehensive income, and cash flows for each of the years in the three-year period ended November 27, 2009. We have
also audited Adobe Systems Incorporated’s internal control over financial reporting as of November 27, 2009, based on
criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). Adobe System Incorporated’s management is responsible for these consolidated financial
statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control
over Financial Reporting appearing under Item 9A. Our responsibility is to express an opinion on these consolidated financial
statements and an opinion on Adobe Systems Incorporated’s internal control over financial reporting 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 audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement and whether effective internal control over financial reporting was
maintained in all material respects. Our audits of the consolidated financial statements included 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. Our audit of internal
control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis for our opinions.
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.
Adobe Systems Incorporated acquired Omniture, Inc. during fiscal 2009, and management excluded from its assessment
of the effectiveness of Adobe Systems Incorporated’s internal control over financial reporting as of November 27, 2009,
Omniture, Inc.’s internal control over financial reporting associated with total assets of $195.5 million and total revenues of
$26.3 million included in the consolidated financial statements of Adobe Systems Incorporated and subsidiaries as of and for
the year ended November 27, 2009. Our audit of internal control over financial reporting of Adobe Systems Incorporated also
excluded an evaluation of the internal control over financial reporting of Omniture, Inc.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Adobe Systems Incorporated and subsidiaries as of November 27, 2009 and November 28, 2008, and the
results of their operations and their cash flows for each of the years in the three-year period ended November 27, 2009, in
conformity with U.S. generally accepted accounting principles. Also in our opinion, Adobe Systems Incorporated
maintained, in all material respects, effective internal control over financial reporting as of November 27, 2009, based on
criteria established in Internal Control – Integrated Framework, issued by COSO.