Best Buy 2007 Annual Report Download - page 69

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54
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Best Buy Co., Inc.:
We have audited the accompanying consolidated balance sheets of Best Buy Co., Inc. and subsidiaries (the “Company”) as
of March 3, 2007 and February 25, 2006, and the related consolidated statements of earnings, changes in shareholders’
equity, and cash flows for each of the years ended March 3, 2007 and February 25, 2006. Our audit also included the
financial statement schedule listed in the Index at Item 15(a). These financial statements and financial statement schedule are
the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements
and financial statement schedule based on our audits. The financial statements of the Company for the year ended
February 26, 2005, were audited by other auditors whose report, dated May 5, 2005, expressed an unqualified opinion on
those statements.
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 the
financial statements 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 audit provides a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Best Buy
Co., Inc. and subsidiaries as of March 3, 2007 and February 25, 2006, and the results of their operations and their cash
flows for each of the years ended March 3, 2007 and February 25, 2006, in conformity with accounting principles generally
accepted in the United States of America. Also, in our opinion, such 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 Note 1 to the consolidated financial statements, effective February 27, 2005, Best Buy Co., Inc. and
subsidiaries changed their method of accounting for share-based payments to adopt Statement of Financial Accounting
Standards No. 123(R) Share-Based Payment.
We have also 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 3, 2007, based on the criteria
established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated April 25, 2007, expressed an unqualified opinion on management’s
assessment of the effectiveness of the Company’s internal control over financial reporting and an unqualified opinion on the
effectiveness of the Company’s internal control over financial reporting.
Minneapolis, Minnesota
April 25, 2007