Bed, Bath and Beyond 2005 Annual Report Download - page 28

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BED BATH& BEYOND ANNUAL REPORT 2005
26
The Board of Directors and Shareholders
Bed Bath & Beyond Inc.:
We have audited the accompanying consolidated balance sheets of Bed Bath & Beyond Inc. and subsidiaries as of February 25,
2006 and February 26, 2005, and the related consolidated statements of earnings, shareholders’ equity, and cash flows for each of
the fiscal years in the three-year period ended February 25, 2006. These consolidated financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on these consolidated 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 financial state-
ments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes 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, the consolidated financial statements referred to above present fairly, in all material respects, the financial posi-
tion of Bed Bath & Beyond Inc. and subsidiaries as of February 25, 2006 and February 26, 2005, and the results of their operations
and their cash flows for each of the years in the three-year period ended February 25, 2006, in conformity with U.S. generally
accepted accounting principles.
Wealso have audited, in accordance with the standards of the Public Company Accounting Oversight Board(United States), the
effectiveness of Bed Bath & Beyond Inc. and subsidiaries’ internal control over financial reporting as of February 25, 2006, based
on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO), and our reportdated May 11, 2006 expressed an unqualified opinion on management’sassessment
of, and the effective operation of, internal control over financial reporting.
As discussed in Note 1 to the consolidated financial statements, the Company adopted Statement of Financial Accounting
Standards No. 123 (revised 2004), “Share-Based Payments.”
New York, New York
May 11, 2006
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM