Wells Fargo 2009 Annual Report Download - page 188
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The Board of Directors and Stockholders
Wells Fargo & Company:
We have audited the accompanying consolidated balance sheet of Wells Fargo & Company and Subsidiaries (the
Company) as of December 31, 2009 and 2008, and the related consolidated statements of income, changes in equity
and comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2009.
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audits.
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 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 consolidated financial statements referred to above present fairly, in all material respects,
the financial position of the Company as of December 31, 2009 and 2008, and the results of its operations and
its cash flows for each of the years in the three-year period ended December 31, 2009, in conformity with U.S.
generally accepted accounting principles.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method of evaluating
other-than-temporary impairment for debt securities in 2009 and certain investment securities in 2008.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2009, 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 February 26, 2010, expressed an unqualified opinion
on the effectiveness of the Company’s internal control over financial reporting.
San Francisco, California
February 26, 2010
Report of Independent Registered Public Accounting Firm