Aarons 2009 Annual Report Download - page 42

In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated financial
position of Aaron’s, Inc. and subsidiaries at December 31, 2009
and 2008, and the consolidated results of their operations and
their cash flows for each of the three years in the period ended
December 31, 2009, in conformity with U.S. generally accepted
accounting principles.
We also have audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United States),
Aaron’s, Inc.’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 and our
report dated February 26, 2010 expressed an unqualified opinion
thereon.
Atlanta, Georgia
February 26, 2010
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Management of Aaron’s, Inc. (the “Company”) is responsible for
establishing and maintaining adequate internal control over finan-
cial reporting as defined in Rules 13a-15(f) and 15d-15(f) under
the Securities Exchange Act of 1934, as amended.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
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 compli-
ance with the policies or procedures may deteriorate. Internal
control over financial reporting cannot provide absolute assur-
ance of achieving financial reporting objectives because of its
inherent limitations. Internal control over financial reporting is
a process that involves human diligence and compliance and is
subject to lapses in judgment and breakdowns resulting from
human failures. Internal control over financial reporting also
can be circumvented by collusion or improper management
override. Because of such limitations, there is a risk that material
misstatements may not be prevented or detected on a timely
The Board of Directors and Shareholders
of Aaron’s, Inc.
We have audited the accompanying consolidated balance sheets of
Aaron’s, Inc. and subsidiaries as of December 31, 2009 and 2008,
and the related consolidated statements of earnings, shareholders’
equity, and cash flows for each of the three years in the period
ended December 31, 2009. 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 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 esti-
mates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
basis by internal control over financial reporting. However, these
inherent limitations are known features of the financial report-
ing process. Therefore, it is possible to design into the process
safeguards to reduce, though not eliminate, the risk.
The Company’s management assessed the effectiveness of
the Company’s internal control over financial reporting as of
December 31, 2009. In making this assessment, the Company’s
management used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) in
Internal Control-Integrated Framework.
Based on its assessment, management believes that, as of
December 31, 2009, the Company’s internal control over finan-
cial reporting was effective based on those criteria.
The Company’s internal control over financial reporting as of
December 31, 2009 has been audited by Ernst & Young LLP, an
independent registered public accounting firm, as stated in their
report dated February 26, 2010, which expresses an unqualified
opinion on the effectiveness of the Company’s internal control
over financial reporting as of December 31, 2009.
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