Vistaprint 2012 Annual Report Download - page 88

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84
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Supervisory Board and Shareholders of
Vistaprint N.V.
We have audited Vistaprint N.V.’s internal control over financial reporting as of June 30, 2012, based on
criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (the COSO criteria). Vistaprint N.V.’s management is responsible for
maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal
control over financial reporting included in the accompanying Management’s Report on Internal Control Over
Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial
reporting based on our audit.
We conducted our audit 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 effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
As indicated in the accompanying Management's Report on Internal Control Over Financial Reporting,
management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not
include the internal controls of Albumprinter Holding B.V. and its subsidiaries and Webs, Inc., which are included in
the 2012 consolidated financial statements of Vistaprint N.V. and constituted approximately $30.5 million and $10.1
million of total and net assets, respectively, as of June 30, 2012 and $45.1 million and ($5.0) million of revenues
and net loss, respectively, for the year then ended. Our audit of internal control over financial reporting of Vistaprint
N.V. also did not include an evaluation of the internal control over financial reporting of Albumprinter Holding B.V.
and its subsidiaries and Webs, Inc.
In our opinion, Vistaprint N.V. maintained, in all material respects, effective internal control over financial
reporting as of June 30, 2012, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the consolidated balance sheets of Vistaprint N.V. as of June 30, 2012 and 2011 and the
related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of
the three years in the period ended June 30, 2012 and our report dated August 15, 2012 expressed an unqualified
opinion thereon.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 15, 2012