Best Buy 2009 Annual Report Download - page 55

AUDIT COMMITTEE REPORT
The information contained in this Audit Committee of the disclosures in the consolidated financial
Report shall not be deemed to be ‘‘soliciting material’’ statements.
or ‘‘filed’’ or incorporated by reference in future filings The Audit Committee met 11 times, including eight
with the SEC, or subject to the liabilities of Section 18 of times via conference call, during fiscal 2009. The Audit
the Securities Exchange Act of 1934, except to the extent Committee schedules its meetings to ensure it has
that we specifically incorporate it by reference into a sufficient time to devote appropriate attention to all of
document filed under the Securities Act of 1933 or the its tasks. The Audit Committee meetings include regular
Securities Exchange Act of 1934. executive sessions with D&T, our internal auditors and
The Audit Committee is comprised of four members and management. The Audit Committee also discusses with
acts under a written charter adopted and approved by our internal auditors and D&T the overall scope and
the Board. The Audit Committee’s charter is posted on plans for their respective audits.
our Web site at www.BestBuy.com — select the ‘‘For In reliance on the reviews and discussions referred to
Our Investors’’ link and then the ‘‘Corporate above, the Audit Committee recommended to the
Governance’’ link. All members of the Audit Committee Board, and the Board approved, that the annual
meet the SEC and NYSE definitions of independence audited consolidated financial statements be included in
and financial literacy for audit committee members. In our Annual Report on Form 10-K for the fiscal year
addition, the Board has determined that George L. ended February 28, 2009, as filed with the SEC.
Mikan III, Matthew H. Paull and G´ erard R. Vittecoq,
independent directors and members of the Audit Pre-Approval Policy
Committee, are audit committee financial experts for
Consistent with SEC rules regarding auditor
purposes of SEC rules. No member of the Audit
independence, the Audit Committee has responsibility
Committee serves on the audit committee of more than
for appointing, setting fees and overseeing the work of
three public companies.
our independent registered public accounting firm. In
recognition of this responsibility, it is the policy of the
Committee Meetings and Recommendation
Audit Committee to pre-approve all audit and
The Audit Committee, on behalf of the Board, reviewed permissible non-audit services provided by our
and discussed with both management and Deloitte & independent registered public accounting firm except for
Touche LLP (‘‘D&T’’), our independent registered public minor audit-related engagements which in the
accounting firm, the annual audited consolidated aggregate do not exceed 5% of the fees we pay to our
financial statements for the fiscal year ended independent registered public accounting firm during a
February 28, 2009, and the quarterly operating results fiscal year.
for each quarter in such fiscal year, along with the
Each year, prior to engaging our independent registered
related significant accounting and disclosure issues.
public accounting firm, management submits to the
These reviews included discussions with D&T of matters
Audit Committee for approval a list of services expected
required to be discussed pursuant to Statement on
to be provided during that fiscal year within each of the
Auditing Standards No. 114, The Auditor’s
three categories of services described below, as well as
Communication With Those Charged With Governance,
related estimated fees.
and discussions with management about the quality, not
just the acceptability, of the accounting principles, the 1. Audit services include audit work performed on the
reasonableness of significant judgments and the clarity financial statements, as well as work that generally
only the independent registered public accounting
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