O'Reilly Auto Parts 2004 Annual Report Download - page 50

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THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
We have audited the accompanying consolidated balance sheets of O’Reilly Automotive, Inc. and Subsidiaries as of December 31, 2004 and 2003,
and the related consolidated statements of income, shareholders' equity, and cash flows for each of the three years in the period ended December 31,
2004. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these 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 financial statements referred to above present fairly, in all material respects, the consolidated financial position of O’Reilly
Automotive, Inc. and Subsidiaries at December 31, 2004 and 2003, and the consolidated results of their operations and their cash flows for each of
the three years in the period ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 2 to the consolidated financial statements, in 2004 the Company changed its method of accounting for inventory.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of
O’Reilly Automotive, Inc. and Subsidiaries' internal control over financial reporting as of December 31, 2004, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 7,
2005 expressed an unqualified opinion thereon.
Kansas City, Missouri
March 7, 2005
48 O’REILLY AUTOMOTIVE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM