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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Dominion Resources, Inc.
Richmond, Virginia
We have audited the accompanying consolidated balance sheets of
Dominion Resources, Inc. and subsidiaries (the “Company”) as of
December 31, 2007 and 2006, and the related consolidated state-
ments of income, common shareholders’ equity and comprehensive
income, and of cash flows for each of the three years in the period
ended December 31, 2007. 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
atest 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 Dominion
Resources, Inc. and subsidiaries as of December 31, 2007 and
2006, and the resultsof their operations and their cash flows for
each of the three years in the period ended December 31, 2007, in
conformity with accounting principles generally accepted in the
United States of America.
As discussed in Note 3 to the consolidated financial statements,
the Company changed its methods of accounting to adopt new
accounting standards for uncertain taxpositions in 2007, pension
and other postretirement benefit plans, share-based payments, and
purchases and sales of inventory with the same counterparty in
2006, and conditional asset retirement obligations in 2005.
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
December 31, 2007, 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 February 26, 2008 expresses an unqualified opinion
on the Company’s internal control over financial reporting.
62 Dominion 2007 Annual Report
Richmond, Virginia
February 26, 2008