Avnet 2006 Annual Report Download - page 52

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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 1, 2006, and July 2, 2005, and the related consolidated statements of operations,
shareholders' equity and cash flows for each of the years in the three-year period ended July 1, 2006. In
connection with our audits of the consolidated financial statements, we have also audited the financial
statement schedule for each of the years in the three-year period ended July 1, 2006, as listed in the
accompanying index. These consolidated financial statements and financial statement schedule are the
responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated
financial statements and financial 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 financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Avnet, Inc. and subsidiaries as of July 1, 2006 and July 2, 2005, and the
results of their operations and their cash flows for each of years in the three-year period ended July 1, 2006, in
conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial
statement schedule for each of the years in the three-year period ended July 1, 2006, when considered in
relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects,
the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of Avnet, Inc.'s internal control over financial reporting as of July 1,
2006, based on criteria established in Internal Control Ì Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO), and our report dated August 29, 2006
expressed an unqualified opinion on management's assessment of, and the effective operation of, internal
control over financial reporting.
As discussed in Note 1 to the consolidated financial statements, effective July 3, 2005, the Company
adopted the provisions of Statement of Financial Accounting Standards (""SFAS'') No. 123R, Share-based
Payment.
/s/ KPMG LLP
Phoenix, Arizona
August 29, 2006
46