GameStop 2008 Annual Report Download - page 70

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Report of Independent Registered Public Accounting Firm
Board of Directors and Stockholders
GameStop Corp.
Grapevine, Texas
We have audited GameStop Corp.’s internal control over financial reporting as of January 31, 2009, based on
criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Orga-
nizations of the Treadway Commission (the COSO criteria). GameStop Corp.’s management is responsible for
maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal
control over financial reporting, included under Item 9A of the Annual Report on Form 10-K, 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 effective 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, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. Our audit also included 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 effect 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 effectiveness 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.
As indicated in Item 9A, Management’s Annual Report on Internal Control over Financial Reporting,
management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did
not include the internal controls of Micromania SAS, which was acquired on November 17, 2008, and which is
included in the consolidated balance sheet of GameStop Corp. as of January 31, 2009, and the related consolidated
statements of operations, stockholders’ equity, and cash flows for the 52 week period ended January 31, 2009.
Micromania’s financial statements constituted total assets and liabilities of approximately 18.4% and 9.0%, respec-
tively, and revenues and operating earnings of approximately 2.8% and 3.8%, respectively, of the related consolidated
financial statement amounts as of and for the period ended January 31, 2009. Management did not assess the
effectiveness of internal control over financial reporting of Micromania SAS because of the timing of the acquisition
which was completed on November 17, 2008. Our audit of internal control over financial reporting of GameStop Corp.
also did not include an evaluation of the internal control over financial reporting of Micromania SAS.
In our opinion, GameStop Corp. maintained, in all material respects, effective internal control over financial
reporting as of January 31, 2009, based on the COSO criteria.
F-3