Best Buy 2005 Annual Report Download - page 72

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30APR200413022813
Report of Independent Registered Public Accounting Firm on Internal Control Over
Financial Reporting
Shareholders and Board of Directors
Best Buy Co., Inc.
We have audited management’s assessment, included in the accompanying Management’s Annual Report on Internal
Control over Financial Reporting, that Best Buy Co., Inc. and subsidiaries maintained effective internal control over
financial reporting as of February 26, 2005, based on criteria established in Internal Control — Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Best Buy
Co., Inc. and subsidiaries’ management 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 company’s internal control over financial
reporting 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 the 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 Best Buy Co., Inc. and subsidiaries maintained effective internal control
over financial reporting as of February 26, 2005, is fairly stated, in all material respects, based on the COSO criteria.
Also, in our opinion, Best Buy Co., Inc. and subsidiaries maintained, in all material respects, effective internal control
over financial reporting as of February 26, 2005, based on the COSO criteria.
We also have audited, in accordance with the Public Company Accounting Oversight Board (United States), the
consolidated balance sheets of Best Buy Co., Inc. and subsidiaries as of February 26, 2005 and February 28, 2004,
and the related consolidated statements of earnings, changes in shareholders’ equity and cash flows for each of the three
years in the period ended February 26, 2005 of Best Buy Co., Inc. and subsidiaries and our report dated May 5, 2005
expressed an unqualified opinion thereon.
Minneapolis, Minnesota
May 5, 2005
56