Washington Post 2006 Annual Report Download - page 64

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Shareholders of The Washington Post Company:
We have completed integrated audits of The Washington Post Company's consolidated Ñnancial statements, referred to under Item 15(1) on page 33
and listed in the index on page 35 and of its internal control over Ñnancial reporting as of December 31, 2006, in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Our opinions, based on our audits, are presented below.
Consolidated Ñnancial statements and Ñnancial statement schedule
In our opinion, the consolidated Ñnancial statements referred to under Item 15(1) on page 33 and listed in the index on page 35 present fairly, in all
material respects, the Ñnancial position of The Washington Post Company and its subsidiaries at December 31, 2006 and January 1, 2006, and the
results of their operations and their cash Öows for each of the three years in the period ended December 31, 2006 in conformity with accounting
principles generally accepted in the United States of America. In addition, in our opinion, the Ñnancial statement schedule listed in the accompanying index
presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated Ñnancial statements. These
Ñnancial statements and Ñnancial statement schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on
these Ñnancial statements and Ñnancial statement schedule based on our audits. We conducted our audits of these statements 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 Ñnancial statements are free of material misstatement. An audit of Ñnancial statements includes examining, on a
test basis, evidence supporting the amounts and disclosures in the Ñnancial statements, assessing the accounting principles used and signiÑcant estimates
made by management, and evaluating the overall Ñnancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Notes G and H to the Ñnancial statements, The Washington Post Company changed the manner in which it accounts for share-based
compensation and the manner in which it accounts for deÑned beneÑt pensions and other postretirement plans, both in Ñscal 2006.
Internal control over Ñnancial reporting
Also, in our opinion, management's assessment, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A,
that the Company maintained eÅective internal control over Ñnancial reporting as of December 31, 2006, based on criteria established in Internal
Control Ì Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), is fairly stated, in all
material respects, based on those criteria. Furthermore, in our opinion, the Company maintained, in all material respects, eÅective internal control over
Ñnancial reporting as of December 31, 2006, based on criteria established in Internal Control Ì Integrated Framework issued by the COSO. The
Company's management is responsible for maintaining eÅective internal control over Ñnancial reporting and for its assessment of the eÅectiveness of
internal control over Ñnancial reporting. Our responsibility is to express opinions on management's assessment and on the eÅectiveness of the Company's
internal control over Ñnancial reporting based on our audit. We conducted our audit of internal control over Ñnancial reporting 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 eÅective internal control over Ñnancial reporting was maintained in all material respects. An audit of internal control
over Ñnancial reporting includes obtaining an understanding of internal control over Ñnancial reporting, evaluating management's assessment, testing and
evaluating the design and operating eÅectiveness of internal control, and performing such other procedures as we consider necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinions.
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 (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (ii) 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 (iii) 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 Ñnancial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
eÅectiveness 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.
PricewaterhouseCoopers LLP
McLean, Virginia
February 28, 2007
48 THE WASHINGTON POST COMPANY