U-Haul 2006 Annual Report Download - page 9

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INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Stockholder
SAC Holding II Corporation
(A Wholly-Owned subsidiary of Blackwater Investments, Inc.)
We have audited the accompanying consolidated balance sheets of SAC Holding II Corporation, a
wholly-owned subsidiary of Blackwater Investments, Inc. (the “Company”), as of March 31, 2006 and
2005 and the related consolidated statements of operations, stockholder’ s deficit, and cash flows for
the years then ended. The 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 auditing standards generally accepted in the United States
of America. 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
consideration of internal control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’ s internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, 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 at March 31, 2006 and 2005, and the results of its
operations, stockholder’ s deficit and its cash flows for the years then ended in conformity with
accounting principles generally accepted in the United States of America.
/s/ Semple & Cooper, LLP
Certified Public Accountants
Phoenix, Arizona
May 31, 2006