Sallie Mae 2013 Annual Report Download - page 141

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
SLM Corporation:
We have audited the accompanying consolidated balance sheets of SLM Corporation and subsidiaries (the
Company) as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive
income, changes in stockholders’ equity, and cash flows for the years then ended. 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. The accompanying consolidated financial statements
of the Company for the year ended December 31, 2011, were audited by other auditors whose report thereon
dated February 27, 2012, expressed an unqualified opinion on those consolidated financial statements, before the
adjustments that were applied to the 2011 consolidated financial statements to reflect the operations of Campus
Solutions and Upromise Investments, Inc. as discontinued operations for all comparative prior period
information.
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 the Company as of December 31, 2013 and 2012, and the results of its operations and its
cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.
We also have audited the adjustments that were applied to the 2011 consolidated financial statements to
reflect the operations of Campus Solutions and Upromise Investments, Inc. as discontinued operations for all
comparative prior period information. In our opinion, such adjustments are appropriate and have been properly
applied. We were not engaged to audit, review, or apply any procedures to the 2011 consolidated financial
statements of the Company other than with respect to the adjustments and, accordingly, we do not express an
opinion or any other form of assurance on the 2011 consolidated financial statements taken as a whole.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2013, based on
criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO), and our report dated February 19, 2014 expressed an
unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
/ S / KPMG LLP
McLean, Virginia
February 19, 2014
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