Build-A-Bear Workshop 2009 Annual Report Download - page 48

BUILD-A-BEAR WORKSHOP, INC. 2009 FORM 10-K
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
Build-A-Bear Workshop, Inc.:
We have audited Build-A-Bear Workshop, Inc. and
subsidiaries’ (the Company’s) internal control over financial
reporting as of January 2, 2010, based on criteria
established in Internal Control - Integrated Framework issued
by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO).The Company’s management
is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness
of internal control over financial reporting included in the
accompanying Management’s Report on Internal Control over
Financial Reporting. Our responsibility is to express an
opinion on 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, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk.
Our audit also included 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
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, Build-A-Bear Workshop, Inc. and
subsidiaries maintained, in all material respects, effective
internal control over financial reporting as of January 2,
2010, based on criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
We also have audited, in accordance with the standards
of the Public Company Accounting Oversight Board (United
States), the consolidated balance sheets of the Company as of
January 2, 2010 and January 3, 2009, and the related
consolidated statements of operations, stockholders’ equity,
and cash flows for each of the years in the three-year period
ended January 2, 2010, and our report dated March 18,
2010 expressed an unqualified opinion on those consolidated
financial statements.
/s/ KPMG LLP
St. Louis, Missouri
March 18, 2010
CHANGES IN INTERNAL CONTROL OVER
FINANCIAL REPORTING
There were no changes in internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) that occurred during the fourth quarter that have
materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.
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