Best Buy 2010 Annual Report Download - page 66

AUDIT COMMITTEE REPORT
The information contained in this Audit Committee operating results for each quarter in such fiscal year,
Report shall not be deemed to be ‘‘soliciting material’’ along with the related significant accounting and
or ‘‘filed’’ or incorporated by reference in future filings disclosure issues. These reviews included discussions
with the SEC, or subject to the liabilities of Section 18 of with D&T of matters required to be discussed pursuant
the Securities Exchange Act of 1934, except to the extent to Statement on Auditing Standards No. 114, The
that we specifically incorporate it by reference into a Auditor’s Communication With Those Charged With
document filed under the Securities Act of 1933 or the Governance, and discussions with management about
Securities Exchange Act of 1934. the quality, not just the acceptability, of the accounting
principles, the reasonableness of significant judgments
The Audit Committee is comprised of four members and and the clarity of the disclosures in the consolidated
acts under a written charter adopted and approved by financial statements.
the Board. The Audit Committee’s charter is posted on
our Web site at www.bby.com — select the ‘‘Investor In reliance on the reviews and discussions referred to
Relations’’ link and then the ‘‘Corporate Governance’’ above, the Audit Committee recommended to the
link. All members of the Audit Committee meet the SEC Board, and the Board approved, that our annual
and NYSE definitions of independence and financial audited consolidated financial statements be included in
literacy for audit committee members. In addition, the our Annual Report on Form 10-K for the fiscal year
Board has determined that all members of the Audit ended February 27, 2010, as filed with the SEC.
Committee are ‘‘audit committee financial experts’’ for
purposes of SEC rules. No member of the Audit Auditor Independence and Pre-Approval Policy
Committee serves on the audit committee of more than The Audit Committee reviewed and discussed with D&T
three public companies. its independence from us and our management. As part
of that review, the Audit Committee received from D&T
Committee Meetings the written disclosures and the letter required by
The Audit Committee met ten times, including six times applicable rules of the Public Company Accounting
via conference call, during fiscal 2010. The Audit Oversight Board regarding independent accountants’
Committee schedules its meetings to ensure it has communications with audit committees concerning
sufficient time to devote appropriate attention to all of independence. In addition, the Audit Committee
its tasks. The Audit Committee meetings include regular reviewed all services provided by and the amount of
executive sessions with our independent registered public fees paid to D&T in fiscal 2010. In reliance on the
accounting firm, Deloitte & Touche LLP (‘‘D&T’’), our reviews and discussions with management and D&T, the
internal auditors and management. The Audit Audit Committee believes that the services provided by
Committee also discusses with our internal auditors and D&T were compatible with, and did not impair, its
D&T the overall scope and plans for their respective independence.
audits. Consistent with SEC rules regarding auditor
independence, the Audit Committee has responsibility
Recommendation Regarding Financial for appointing, setting fees for and overseeing the work
Statements of our independent registered public accounting firm. In
The Audit Committee, on behalf of the Board, reviewed recognition of this responsibility, it is the policy of the
and discussed with both management and D&T our Audit Committee to pre-approve all permissible services
annual audited consolidated financial statements for the provided by our independent registered public
fiscal year ended February 27, 2010, and our quarterly accounting firm except for minor audit-related
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