Petsmart 2005 Annual Report Download - page 61

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
PetSmart, Inc.
Phoenix, Arizona
We have audited the accompanying consolidated balance sheets of PetSmart, Inc. and subsidiaries (the
“Company”) as of January 29, 2006 and January 30, 2005, and the related consolidated statements of operations,
stockholders’ equity, and cash flows for each of the three fiscal years in the period ended January 29, 2006. 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, such consolidated financial statements present fairly, in all material respects, the financial
position of PetSmart, Inc. and subsidiaries as of January 29, 2006 and January 30, 2005, and the results of their
operations and their cash flows for each of the three fiscal years in the period ended January 29, 2006, in conformity
with accounting principles generally accepted in the United States of America.
As discussed in Note 2 to the consolidated financial statements, on January 31, 2005, the Company adopted
Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment, using the modified
retrospective transition method.
We have also 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, 2006,
based on the criteria established in Internal Control — Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission and our report dated April 10, 2006 expressed an
unqualified opinion on management’s assessment of the effectiveness of the Company’s internal control over
financial reporting and an unqualified opinion on the effectiveness of the Company’s internal control over financial
reporting.
DELOITTE & TOUCHE LLP
Phoenix, Arizona
April 10, 2006
F-2