U-Haul 2009 Annual Report Download - page 57

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Independent Auditors’ Report
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.) as of October 31, 2007 and March 31, 2007 and the related consolidated
statements of operations, stockholder’s deficit, and cash flows for the seven months ended October 31, 2007 and the year
ended March 31, 2007. 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 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 SAC Holding II Corporation (A Wholly-Owned Subsidiary of Blackwater Investments, Inc.) as of October 31,
2007 and March 31, 2007 and the results of its operations, stockholder’s deficit and its cash flows for the seven months
ended October 31, 2007 and the year ended March 31, 2007 in conformity with accounting principles generally accepted in
the United States of America.
/s/ Semple, Marchal & Cooper, LLP
Phoenix, Arizona
May 29, 2008
F-2