Bed, Bath and Beyond 2009 Annual Report Download - page 34

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BED BATH & BEYOND 2009 ANNUAL REPORT
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 February 27, 2010 and February 28, 2009, 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 27, 2010. In connection with our audits of the consoli-
dated 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 February 27, 2010 and February 28, 2009, and the results of their operations
and their cash flows for each of the fiscal years in the three-year period ended February 27, 2010, in conformity with U.S. gener-
ally accepted 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 has, in the fiscal year ended February 28, 2009,
changed its methods of accounting for the fair value option for certain financial assets and financial liabilities and for fair value
measurements, and in the fiscal year ended March 1, 2008, changed its method of recognizing and measuring the tax effects
related to uncertain tax positions, each due to the adoption of new accounting requirements issued by the Financial Accounting
Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
Company’s internal control over financial reporting as of February 27, 2010, 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 27, 2010 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial
reporting.
Short Hills, New Jersey
April 27, 2010
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM