Avnet 2007 Annual Report Download - page 46

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On December 31, 2006, the Company acquired substantially all of the assets and operations of Access
Distribution (Access acquisition). Management has excluded the Access acquisition from its assessment of the
effectiveness of the Company’s internal control over financial reporting as of June 30, 2007. Assets acquired from,
and the revenues associated with the Access acquisition accounted for approximately 11% of Avnet, Inc.’s
consolidated assets as of June 30, 2007 and approximately 6% of the Company’s total revenue for the fiscal year
ended June 30, 2007. Our audit of internal control over financial reporting of Avnet, Inc. also excluded an evaluation
of the internal control over financial reporting of Access Distribution.
As discussed in Note 1 to the consolidated financial statements, effective July 3, 2005, the Company adopted
Statement of Financial Accounting Standards No. 123(R), Share-Based Payment. As discussed in Note 1 to the
consolidated financial statements, effective June 30, 2007, the Company adopted Statement of Financial Account-
ing Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans — an
amendment of FASB No. 87, 88, 106 and 132(R).
/s/ KPMG LLP
Phoenix, Arizona
August 27, 2007
46