Ameriprise 2005 Annual Report Download - page 57

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Report of Independent Registered Public Accounting Firm
55
Ameriprise Financial, Inc. |
The Board of Directors and Shareholders of Ameriprise
Financial, Inc.
We have audited the accompanying consolidated balance
sheets of Ameriprise Financial, Inc. (formerly known as
American Express Financial Corporation) (the Company) as of
December 31, 2005 and 2004, and the related consolidated
statements of income, shareholders’ equity and cash flows for
each of the three years in the period ended December 31,
2005. 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 finan-
cial statements are free of material misstatement. We were
not engaged to perform an audit of the Company’s internal
control over financial reporting. Our audits included considera-
tion of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circum-
stances, but not for the purpose of expressing an opinion on
the effectiveness of the Company’s internal control over finan-
cial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence sup-
porting the amounts and disclosures in the financial
statements, assessing the accounting principles used and sig-
nificant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated finan-
cial position of Ameriprise Financial, Inc. at December 31,
2005 and 2004, and the consolidated results of its operations
and its cash flows for each of the three years in the period
ended December 31, 2005, in conformity with U.S. generally
accepted accounting principles.
As discussed in Note 2 to the consolidated financial state-
ments, in 2005 the Company adopted Statement of Financial
Accounting Standards No. 123 (revised 2004), “Share-Based
Payment”, in 2004 the Company adopted the provisions of
American Institute of Certified Public Accountants Statement of
Position 03-1, “Accounting and Reporting by Insurance
Enterprises for Certain Nontraditional Long-Duration Contracts
and for Separate Accounts” and in 2003 the Company adopted
the provisions of Financial Accounting Standards Board
Interpretation No. 46 (revised December 2003), “Consolidation
of Variable Interest Entities.”
Minneapolis, Minnesota
February 27, 2006