Avnet 2004 Annual Report Download - page 44

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
Avnet, Inc.:
We have audited the accompanying consolidated balance sheets of Avnet, Inc. and subsidiaries (the
Company) as of July 3, 2004 and June 27, 2003, and the related consolidated statements of operations,
shareholders' equity, and cash Öows for each of the years in the three-year period ended July 3, 2004. In
connection with our audits of the consolidated Ñnancial statements, we have also audited the Ñnancial
statement schedule for each of the years in the three-year period ended July 3, 2004, as listed in the
accompanying index. These consolidated Ñnancial statements and Ñnancial statement schedule are the
responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated
Ñnancial statements and Ñnancial statement schedule 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 Ñnancial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An
audit also includes assessing the accounting principles used and signiÑcant estimates made by management, as
well as evaluating the overall Ñnancial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material respects,
the Ñnancial position of Avnet, Inc. and subsidiaries as of July 3, 2004 and June 27, 2003, and the results of
their operations and their cash Öows for each of the years in the three-year period ended July 3, 2004, in
conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related Ñnancial
statement schedule for each of the years in the three-year period ended July 3, 2004, when considered in
relation to the basic consolidated Ñnancial statements taken as a whole, presents fairly, in all material respects,
the information set forth therein.
/s/ KPMG LLP
Phoenix, Arizona
August 6, 2004
35