Albertsons 2007 Annual Report Download - page 70

REP
O
RT
O
F INDEPENDENT RE
G
I
S
TERED P
U
BLI
C
A
CCOU
NTIN
G
FIR
M
T
he Board of Directors and Stockholders
SUPERVALU INC.:
We have audited the accompan
y
in
g
consolidated balance sheets of SUPERVALU INC. and subsidiaries (th
e
C
ompany) as of February 24, 2007 and February 2
5
, 2006, and the related consolidated statements of earnings,
cas
hfl
ows an
d
stoc
kh
o
ld
ers’ equ
i
ty
f
or eac
h
o
f
t
h
e
fi
sca
l
years
i
nt
h
et
h
ree-year per
i
o
d
en
d
e
d
Fe
b
ruary 24, 2007.
I
n connection with our audits of the consolidated financial statements, we have also audited the financia
l
statement schedule as listed in the accompanying index. These consolidated financial statements and financial
statement sc
h
e
d
u
l
e are t
h
e respons
ibili
ty o
f
t
h
e Company’s management. Our respons
ibili
ty
i
s to express an
op
inion on these consolidated financial statements and financial statement schedule based on our audits
.
We con
d
ucte
d
our au
di
ts
i
n accor
d
ance w
i
t
h
t
h
e stan
d
ar
d
so
f
t
h
ePu
bli
c Company Account
i
ng Overs
i
g
h
t Boar
d
(United States). Those standards re
q
uire that we
p
lan and
p
erform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis
,
ev
id
ence support
i
ng t
h
e amounts an
ddi
sc
l
osures
i
nt
h
e
fi
nanc
i
a
l
statements. An au
di
ta
l
so
i
nc
l
u
d
es assess
i
ng t
he
a
ccountin
g
principles used and si
g
nificant estimates made b
y
mana
g
ement, as well as evaluatin
g
the overal
l
f
inancial statement
p
resentation. We believe that our audits
p
rovide a reasonable basis for our o
p
inion
.
I
n our opinion, the consolidated financial statements referred to above present fairl
y
, in all material respects, the
f
inancial position of SUPERVALU INC. and subsidiaries as of February 24, 2007 and February 2
5
, 2006, an
d
t
h
e resu
l
ts o
f
t
h
e
i
r operat
i
ons an
d
t
h
e
i
r cas
hfl
ows
f
or eac
h
o
f
t
h
e
fi
sca
l
years
i
nt
h
et
h
ree-year per
i
o
d
en
d
e
d
Februar
y
24, 2007, in conformit
y
with U.S.
g
enerall
y
accepted accountin
g
principles. Also in our opinion, the
related financial statement schedule, when considered in relation to the basic consolidated financial statement
s
ta
k
en as a w
h
o
l
e, presents
f
a
i
r
l
y,
i
na
ll
mater
i
a
l
respects, t
h
e
i
n
f
ormat
i
on set
f
ort
h
t
h
ere
i
n.
As disclosed in Notes 1 and 12 to the consolidated financial statements, the Company adopted the provisions o
f
Statement of Financial Accounting Standards No. 123(R), “Share-Based Payment,” on February 2
6
, 200
6
.A
s
d
isclosed in Note 1
5
to the consolidated financial statements, on Februar
y
24, 2007, the Compan
y
adopted SFA
S
No. 1
5
8, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans.
”
We also have audited, in accordance with the standards of the Public Compan
y
Accountin
g
Oversi
g
ht Board
(United States), the effectiveness of SUPERVALU INC.’s internal control over financial reporting as o
f
Fe
b
ruary 24, 2007,
b
ase
d
on cr
i
ter
i
a esta
bli
s
h
e
di
n Interna
l
Contro
l
-Integrate
d
Framewor
ki
ssue
db
yt
he
C
ommittee of Sponsorin
g
Or
g
anizations of the Treadwa
y
Commission (COSO), and our report dated April 2
5
,
2007 expressed an unqualified opinion on management’s assessment of, and an unqualified opinion on th
e
e
ff
ect
i
ve operat
i
on o
f
,
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng.
/
S/ KPMG LLP
Minnea
p
olis, Minnesota
April 2
5
, 2007
F-
4