HP 2007 Annual Report Download - page 86

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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of
Hewlett-Packard Company
We have audited the accompanying consolidated balance sheets of Hewlett-Packard Company and subsidiaries as of
October 31, 2007 and 2006, and the related consolidated statements of earnings, stockholders’ equity and cash flows for each
of the three years in the period ended October 31, 2007. Our audits also included the financial statement schedule listed in the
Index at Item 15(a)(2). These financial statements and schedule are the responsibility of the Company’ s management. Our
responsibility is to express an opinion on these financial statements and schedule 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, the financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Hewlett-Packard Company and subsidiaries at October 31, 2007 and 2006, and the consolidated results of their
operations and their cash flows for each of the three years in the period ended October 31, 2007, in conformity with U.S.
generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in
relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth
therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the effectiveness of Hewlett-Packard Company’ s internal control over financial reporting as of October 31, 2007,
based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated December 14, 2007 expressed an unqualified opinion
thereon.
As discussed in Note 1 to the consolidated financial statements, in fiscal year 2007, Hewlett-Packard Company changed
its method of accounting for defined benefit postretirement plans in accordance with the guidance provided in Statement of
Financial Accounting Standards No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement
Plans—An Amendment of FASB No. 87, 88, 106 and 132(R)” and, in fiscal year 2006, changed its method of accounting for
stock-based compensation in accordance with guidance provided in Statement of Financial Accounting Standards
No. 123(R), “Share-Based Payment”.
/s/ ERNST & YOUNG LLP
San Jose, California
December 14, 2007
72