Garmin 2009 Annual Report Download - page 111

93
ReportofIndependentRegisteredPublicAccountingFirm
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TheBoardofDirectorsandShareholders
GarminLtd.
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WehaveauditedGarminLtd.’sinternalcontroloverfinancialreportingasofDecember26,2009,basedoncriteria
establishedinInternalControl—IntegratedFrameworkissuedbytheCommitteeofSponsoringOrganizationsof
theTreadwayCommission(theCOSOcriteria).GarminLtd.’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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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,testingandevaluatingthedesignandoperatingeffectiveness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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.

Inouropinion,GarminLtd.maintained,inallmaterialrespects,effectiveinternalcontroloverfinancialreporting
asofDecember26,2009,basedontheCOSOcriteria.

Wehavealsoaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard
(UnitedStates),theconsolidatedbalancesheetsofGarminLtd.andSubsidiariesasofDecember26,2009and
December27,2008andtherelatedconsolidatedstatementsofincome,stockholders’equity,andcashflowsfor
eachofthethreeyearsintheperiodendedDecember26,2009andourreportdatedFebruary24,2010expressed
anunqualifiedopinionthereon.
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
/s/Ernst&YoungLLP
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