CarMax 2006 Annual Report Download - page 59

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CARMAX 2006
57
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, 2006 and 2005, 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,
2006. 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, 2006 and February 28, 2005, and the
results of their operations and their cash flows for each of the fiscal years in the three-year period ended
February 28, 2006, 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, 2006, 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 12, 2006, expressed an unqualified opinion on management’s assessment of, and the effective operation
of, internal control over financial reporting.
RICHMOND, VIRGINIA
MAY 12, 2006
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM