Famous Footwear 2014 Annual Report Download - page 39

38 2014 BROWN SHOE COMPANY, INC. FORM 10-K
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
Brown Shoe Company, Inc.
We have audited Brown Shoe Company, Inc.’s (the Company’s) internal control over financial reporting
as of January 31, 2015, based on criteria established in Internal Control — Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the COSO
criteria). The Company’s management is responsible for maintaining eective internal control over financial
reporting and for its assessment of the eectiveness of internal control over financial reporting included in
the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is
to express an opinion on the Company’s internal control over financial reporting based on our audit.
We conducted our audit 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 eective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, testing and evaluating the design and operating eectiveness of internal
control based on the assessed risk, and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material eect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of eectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions or that the degree of compliance with the
policies or procedures may deteriorate.
In our opinion, Brown Shoe Company, Inc. maintained, in all material respects, eective internal control over
financial reporting as of January 31, 2015, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated balance sheets of Brown Shoe Company, Inc. as of January 31, 2015 and
February 1, 2014, and the related consolidated statements of earnings, comprehensive income, cash flows and
shareholders’ equity for each of the three years in the period ended January 31, 2015, and our report dated
March 31, 2015, expressed an unqualified opinion thereon.
St. Louis, Missouri
March 31, 2015