Neiman Marcus 2007 Annual Report Download - page 88

Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Neiman Marcus, Inc.
Dallas, Texas
We have audited the accompanying consolidated balance sheets of Neiman Marcus, Inc. and subsidiaries as of August 2,
2008 and July 28, 2007, and the related consolidated statements of earnings, cash flows, and shareholders' equity for each of the two
years in the period ended August 2, 2008. Our audits also included the financial statement schedule listed in the Index at Item 15.
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 Neiman Marcus, Inc. and subsidiaries at August 2, 2008 and July 28, 2007, and the consolidated results of its operations
and its cash flows for each of the two years in the period ended August 2, 2008, 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.
As discussed in Note 12 to the consolidated financial statements, in fiscal year 2008 the company changed its method of
accounting for income taxes.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
Neiman Marcus, Inc.'s internal control over financial reporting as of August 2, 2008, based on criteria established in Internal Control-
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated
September 22, 2008 expressed an unqualified opinion thereon.
/S/ ERNST & YOUNG LLP
Dallas, Texas
September 22, 2008
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