CarMax 2005 Annual Report Download - page 47

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CARMAX 2005
45
The Board of Directors and Shareholders
CarMax, Inc.:
We have audited the accompanying consolidated balance sheets of CarMax, Inc. and subsidiaries (the “Company”) as of February 28,
2005 and February 29, 2004, and the related consolidated statements of earnings, shareholders’ equity, and cash flows for each of the
fiscal years in the three-year period ended February 28, 2005. These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits 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 audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of CarMax, Inc. and subsidiaries as of February 28, 2005 and February 29, 2004, and the results of their operations and their cash
flows for each of the fiscal years in the three-year period ended February 28, 2005, in conformity with U.S. generally accepted
accounting principles.
We also have 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 February 28, 2005, based on criteria established in
Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO),
and our report dated May 3, 2005, expressed an unqualified opinion on management’s assessment of, and the effective operation of,
internal control over financial reporting.
RICHMOND, VIRGINIA
MAY 3, 2005
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM