Bed, Bath and Beyond 2007 Annual Report Download - page 34

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BED BATH& BEYOND ANNUAL REPORT 2007
32
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 (the Company)
as of March 1, 2008 and March 3, 2007, and the related consolidated statements of earnings, shareholders’ equity, and cash flows
for each of the fiscal years in the three-year period ended March 1, 2008. In connection with our audits of the consolidated
financial statements, we have also audited the financial statement schedule. These consolidated financial statements and financial
statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
consolidated financial statements and financial statement schedule 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 dis-
closures 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 reason-
able 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 March 1, 2008 and March 3, 2007, and the results of their operations and
their cash flows for each of the fiscal years in the three-year period ended March 1, 2008, in conformity with U.S. generally accept-
ed accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
As discussed in the Notes to the consolidated financial statements, the Company adopted the provisions of FASB Interpretation
No. 48, “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109”, effective March 4, 2007.
Further, as discussed in the Notes to the consolidated financial statements, the Company adopted Statement of Financial
Accounting Standards (“SFAS”) No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Post Retirement Plans –
An Amendment of FASB Statements No. 87, 88, 106, and 132(R),” as well as changed their method for quantifying errors based on
SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in
Current Year Financial Statements” in 2006.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
effectiveness of the Company’s internal control over financial reporting as of March 1, 2008, based on criteria established in
Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO), and our report dated April 29, 2008 expressed an unqualified opinion on the effectiveness of the Company’s internal con-
trol over financial reporting.
Short Hills, New Jersey
April 29, 2008
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM