Albertsons 2007 Annual Report Download - page 71

REP
O
RT
O
F INDEPENDENT RE
G
I
S
TERED P
U
BLI
C
A
CCOU
NTIN
G
FIR
M
Th
e Boar
d
o
f
D
i
rectors an
d
Stoc
kh
o
ld
ers
SU
PERVAL
U
IN
C
.:
We
h
ave au
di
te
d
mana
g
ement’s assessment,
i
nc
l
u
d
e
di
nt
h
e accompan
yi
n
g
Mana
g
ement’s Annua
l
Report o
n
I
nternal Control Over Financial Reportin
g
, that SUPERVALU INC. maintained effective internal control ove
r
fi
nanc
i
a
l
report
i
ng 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
dby
t
h
e Comm
i
ttee o
f
Sponsor
i
n
g
Or
g
an
i
zat
i
ons o
f
t
h
e Trea
d
wa
y
Comm
i
ss
i
on (COSO)
.
SUPERVALU INC.’s mana
g
ement is responsible for maintainin
g
effective internal control over financial
report
i
ng an
df
or
i
ts assessment o
f
t
h
ee
ff
ect
i
veness o
fi
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng. Our
respons
ibili
t
yi
s to express an op
i
n
i
on on mana
g
ement’s assessment an
d
an op
i
n
i
on on t
h
ee
ff
ect
i
veness o
f
t
h
e
C
ompan
y
’s internal control over financial reportin
g
based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Boar
d
(Un
i
te
d
States). T
h
ose stan
d
ar
d
s requ
i
re t
h
at we p
l
an an
d
per
f
orm t
h
eau
di
ttoo
b
ta
i
n reasona
bl
e assurance a
b
out
whether effective internal control over financial reportin
g
was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, evaluating management’
s
a
ssessment, test
i
ng an
d
eva
l
uat
i
ng t
h
e
d
es
i
gn an
d
operat
i
ng e
ff
ect
i
veness o
fi
nterna
l
contro
l
,an
d
per
f
orm
i
ng suc
h
o
ther procedures as we considered necessar
y
in the circumstances. We believe that our audit provides a
reasonable basis for our o
p
inion.
A company’s
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng
i
s a process
d
es
i
gne
d
to prov
id
e reasona
bl
e assuranc
e
regar
di
ng t
h
ere
li
a
bili
ty o
ffi
nanc
i
a
l
report
i
ng an
d
t
h
e preparat
i
on o
ffi
nanc
i
a
l
statements
f
or externa
l
purposes
in
a
ccordance with
g
enerall
y
accepted accountin
g
principles. A compan
y
’s internal control over financial reportin
g
i
nc
l
u
d
es t
h
ose po
li
c
i
es an
d
proce
d
ures t
h
at (1) perta
i
ntot
h
ema
i
ntenance o
f
recor
d
st
h
at,
i
n reasona
bl
e
d
eta
il,
a
ccurate
l
yan
df
a
i
r
l
yre
fl
ect t
h
e transact
i
ons an
ddi
spos
i
t
i
ons o
f
t
h
e assets o
f
t
h
e company; (2) prov
id
e reasona
ble
a
ssurance that transactions are recorded as necessar
y
to permit preparation of financial statements in accordance
w
i
t
h
genera
ll
y accepte
d
account
i
ng pr
i
nc
i
p
l
es, an
d
t
h
at rece
i
pts an
d
expen
di
tures o
f
t
h
e company are
b
e
i
ng ma
de
o
n
l
y
i
n accor
d
ance w
i
t
h
aut
h
or
i
zat
i
ons o
f
management an
ddi
rectors o
f
t
h
e company; an
d
(3) prov
id
e reasona
ble
a
ssurance re
g
ardin
g
prevention or timel
y
detection of unauthorized acquisition, use, or disposition of the
company’s assets t
h
at cou
ld h
ave a mater
i
a
l
e
ff
ect on t
h
e
fi
nanc
i
a
l
statements
.
B
ecause o
fi
ts
i
n
h
erent
li
m
i
tat
i
ons,
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng may not prevent or
d
etect
m
i
sstatements. A
l
so, pro
j
ect
i
ons o
f
an
y
eva
l
uat
i
on o
f
e
ff
ect
i
veness to
f
uture per
i
o
d
s are su
bj
ect to t
h
er
i
s
k
t
h
at
controls ma
y
become inadequate because of chan
g
es in conditions, or that the de
g
ree of compliance with th
e
po
li
c
i
es or proce
d
ures may
d
eter
i
orate.
I
n our op
i
n
i
on, management’s assessment t
h
at SUPERVALU INC. ma
i
nta
i
ne
d
e
ff
ect
i
ve
i
nterna
l
contro
l
ove
r
f
inancial reportin
g
as of Februar
y
24, 2007, is fairl
y
stated, in all material respects, based on criteria establishe
d
in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of th
e
T
rea
d
way Comm
i
ss
i
on (COSO). A
l
so,
i
n our op
i
n
i
on, SUPERVALU INC. ma
i
nta
i
ne
d
,
i
na
ll
mater
i
a
l
respects,
effective internal control over financial reportin
g
as of Februar
y
24, 2007, based on criteria established i
n
I
nternal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadwa
y
C
omm
i
ss
i
on
(
COSO
)
.
We a
l
so
h
ave au
di
te
d
,
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), the consolidated balance sheets of SUPERVALU INC. and subsidiaries as of Februar
y
24, 2007
a
nd February 2
5
, 2006, and the related consolidated statements of earnings, cash flows and stockholders’ equit
y
f
or each of the fiscal years in the three-year period ended February 24, 2007, and our report dated April 25, 200
7
ex
p
ressed an un
q
ualified o
p
inion on those consolidated financial statements.
/
S/ KPMG LLP
M
i
nneapo
li
s, M
i
nnesota
April 25, 2007
F-
5