U-Haul 2007 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2007 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
AMERCO
Reno, Nevada
We have audited the accompanying consolidated balance sheets of AMERCO and consolidated entities (the
“Company”) as of March 31, 2007 and 2006 and the related consolidated statements of operations, changes in stockholders’
equity, other comprehensive income (loss), and cash flows for each of the three years in the period ended March 31, 2007.
We have also audited the schedules listed in the accompanying index. These financial statements and schedules are the
responsibility of the Company’ s management. Our responsibility is to express an opinion on these financial statements and
schedules based on our audits. We did not audit the financial statements of SAC Holding II Corporation, which statements
reflect total assets of $148.1 million and $152.3 million as of March 31, 2007 and 2006, respectively, and total revenues of
$46.6 million, $46.2 million, and $43.2 million for each of the three years in the period ended March 31, 2007, respectively.
Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it
relates to the amounts included for such consolidated entity, is based solely on the reports of the other auditors.
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 and schedules are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements and schedules, assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements
and schedules. 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, 2007 and 2006, and the results of its operations and its cash flows for each
of the three years in the period ended March 31, 2007, in conformity with accounting principles generally accepted in the
United States of America.
Also, in our opinion, the schedules present fairly, in all material respects, the information set forth therein.
Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements and schedules
taken as a whole. The summary of earnings of independent rental fleet information included on pages F-59 through pages
F-60 is presented for purposes of additional analysis of the consolidated financial statements rather than to present the
earnings of the independent trailer fleets. Accordingly, we do not express an opinion on the earnings of the independent
trailer fleets. However, such information has been subjected to the auditing procedures applied in the audit of the
consolidated financial statements and schedules and, in our opinion, is fairly presented in all material respects in relation to
the consolidated financial statements and schedules taken as a whole.
As discussed in the notes to the consolidated financial statements, the Company adopted Statement of Financial
Accounting Standards No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Post Retirement Plans —
An Amendment of FASB Statements No. 87, 88, 106, and 132(R),” as well as changed their method for quantifying errors
based on SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements.”
We also have 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 March 31, 2007, based on criteria
established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) and our report dated June 6, 2007 expressed an unqualified opinion thereon.
/s/ BDO Seidman, LLP
Phoenix, Arizona
June 6, 2007
F-1