Pizza Hut 2008 Annual Report Download - page 176

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Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
YUM! Brands, Inc.:
We have audited the accompanying consolidated balance sheets of YUM! Brands, Inc. and Subsidiaries (YUM) as of
December 27, 2008 and December 29, 2007, and the related consolidated statements of income, cash flows, and
shareholders’ equity (deficit) and comprehensive income (loss) for each of the years in the three-year period ended
December 27, 2008. These consolidated financial statements are the responsibility of YUM’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 YUM as of December 27, 2008 and December 29, 2007, and the results of its operations and its cash flows for
each of the years in the three-year period ended December 27, 2008, in conformity with U.S. generally accepted
accounting principles.
As discussed in the Notes to the consolidated financial statements, YUM adopted the provisions of Financial Accounting
Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes, in 2007, and Statement of Financial
Accounting Standards (SFAS) No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement
Plans, and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in the Current Year, in 2006.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), YUM’s internal control over financial reporting as of December 27, 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 February 23, 2009 expressed an unqualified opinion on the effectiveness of internal control over
financial reporting.
/s/ KPMG LLP
Louisville, Kentucky
February 23, 2009
Form 10-K