Hibbett Sports 2005 Annual Report Download - page 35

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REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
The Board of Directors and Stockholders
Hibbett Sporting Goods, Inc.:
We have audited the accompanying consolidated balance sheets of Hibbett Sporting Goods, Inc. and
subsidiaries (the Company) as of January 29, 2005, and January 31, 2004, and the related consolidated
statements of operations, stockholders’ investment, and cash flows for each of the years in the three-
year period ended January 29, 2005. These consolidated financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on these consolidated 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 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 consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Hibbett Sporting Goods, Inc. and subsidiaries as of January 29, 2005,
and January 31, 2004, and the results of their operations and their cash flows for each of the years in
the three-year period ended January 29, 2005, in conformity with U.S. generally accepted accounting
principles.
As discussed in Note 2 to the consolidated financial statements, the Company has restated its 2004
and 2003 consolidated financial statements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of the Company’s internal control over financial reporting as of
January 29, 2005, based on criteria established in Internal Control—Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated April
13, 2005, expressed an unqualified opinion on management’s assessment of, and an adverse opinion
on the effective operation of, internal control over financial reporting.
Birmingham, Alabama
April 13, 2005
33