Dillard's 2008 Annual Report Download - page 50

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of Dillard’s, Inc.
Little Rock, Arkansas
We have audited the accompanying consolidated balance sheets of Dillard’s, Inc. and subsidiaries (the
“Company”) as of January 31, 2009 and February 2, 2008, and the related consolidated statements of operations,
stockholders’ equity and comprehensive income (loss), and cash flows for each of the three years in the period
ended January 31, 2009. These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these 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, such consolidated financial statements present fairly, in all material respects, the financial
position of Dillard’s, Inc. and subsidiaries as of January 31, 2009 and February 2, 2008, and the results of their
operations and their cash flows for each of the three years in the period ended January 31, 2009, in conformity
with accounting principles generally accepted in the United States of America.
As discussed in Note 1 to the Notes to Consolidated Financial Statements, (1) the Company adopted
Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes,
effective February 4, 2007, and (2) the Company adopted Statement of Financial Accounting Standards No. 158,
Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, relating to the recognition
and related disclosure provisions, effective February 3, 2007.
We have also 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 January 31, 2009, based on the
criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated April 1, 2009 expressed an unqualified opinion
on the Company’s internal control over financial reporting.
/s/ DELOITTE & TOUCHE LLP
Deloitte & Touche LLP
New York, New York
April 1, 2009
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