Costco 2012 Annual Report Download - page 44

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Framework. Based on its assessment, management has concluded that our internal control over financial
reporting was effective as of September 2, 2012. The attestation of KPMG LLP, our independent registered
public accounting firm, on the effectiveness of our internal control over financial reporting is included with the
consolidated financial statements in this Report.
W. Craig Jelinek
President and Chief Executive Officer
Richard A. Galanti
Executive Vice President and
Chief Financial Officer
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
Costco Wholesale Corporation:
We have audited the accompanying consolidated balance sheets of Costco Wholesale Corporation
and subsidiaries as of September 2, 2012 and August 28, 2011 and the related consolidated
statements of income, equity and comprehensive income and cash flows for the 53-week period ended
September 2, 2012, and the 52-week periods ended August 28, 2011, and August 29, 2010. 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 consolidated financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
consolidated 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 consolidated financial position of Costco Wholesale Corporation and subsidiaries as of
September 2, 2012 and August 28, 2011, and the results of their operations and their cash flows for
the 53-week period ended September 2, 2012, and the 52-week periods ended August 28, 2011, and
August 29, 2010, 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 Company’s internal control over financial reporting as of September 2, 2012,
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 October 19,
2012 expressed an unqualified opinion on the effectiveness of the Company’s internal control over
financial reporting.
Seattle, Washington
October 19, 2012
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