Walmart 2003 Annual Report Download - page 53

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Report of Independent Auditors
The Board of Directors and Shareholders,
Wal-Mart Stores, Inc.
We have audited the accompanying consolidated balance sheets of Wal-Mart Stores, Inc. as of January 31, 2003 and
2002, and the related consolidated statements of income, shareholders’ equity and cash flows for each of the three years
in the period ended January 31, 2003. 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. 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 financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Wal-Mart Stores, Inc. at January 31, 2003 and 2002, and the consolidated results of its operations and its
cash flows for each of the three years in the period ended January 31, 2003, in conformity with accounting principles
generally accepted in the United States.
As discussed in Note 1 to the consolidated financial statements, effective February 1, 2002, the Company adopted the
provisions of Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets.
Tulsa, Oklahoma
March 19, 2003
51