Avnet 2005 Annual Report Download - page 43

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
Avnet, Inc.:
We have audited management's assessment, included in the accompanying Management's Report on Internal
Control Over Financial Reporting, that Avnet, Inc. (the Company) maintained effective internal control over
financial reporting as of July 2, 2005, based on criteria established in Internal Control Ì Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Avnet, Inc.'s management is responsible for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to
express an opinion on management's assessment and an opinion on the effectiveness of the Company's internal
control over financial reporting based on our audit.
We conducted our audit 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 effective internal control over financial reporting was maintained in all material
respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating
management's assessment, testing and evaluating the design and operating effectiveness of internal control,
and performing such other procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion.
A company's internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company's internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, 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 compliance with the
policies or procedures may deteriorate.
In our opinion, management's assessment that Avnet, Inc. maintained effective internal control over financial
reporting as of July 2, 2005, is fairly stated, in all material respects, based on criteria established in Internal
Control Ì Integrated Framework issued by COSO. Also, in our opinion, Avnet, Inc. maintained, in all
material respects, effective internal control over financial reporting as of July 2, 2005, based on criteria
established in Internal Control Ì Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated balance sheets of Avnet, Inc. and subsidiaries as of July 2, 2005 and July 3,
2004, and the related consolidated statements of operations, shareholders' equity and cash flows for each of
the years in the three-year period ended July 2, 2005, and our report dated September 7, 2005 expressed an
unqualified opinion on those consolidated financial statements.
/s/ KPMG LLP
Phoenix, Arizona
September 7, 2005
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