Avnet 2015 Annual Report Download - page 44

TableofContents
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(Avnet)asofJuly2,2016andJune27,2015,and
therelatedconsolidatedstatementsofoperations,comprehensiveincome,shareholders’equity,andcashflowsforeachoftheyearsinthethree-year
period ended July2, 2016. 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 2, 2016 , as listed in the accompanying index. We also have audited Avnet’s
internal control over financial reporting as of July2, 2016 ,based on the criteria established in InternalControl -Integrated Framework(2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Avnet’s management is responsible for these
consolidatedfinancial statements, formaintainingeffectiveinternalcontrolover financialreporting,andfor its assessmentofthe effectiveness of
internalcontroloverfinancialreporting,includedintheaccompanyingManagement’sReportonInternalControlOverFinancialReporting.Our
responsibilityistoexpressanopinionontheseconsolidatedfinancialstatementsandfinancialstatementscheduleandanopiniononAvnet’sinternal
controloverfinancialreporting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auditstoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement
and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial
statementsincludedexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements,assessingtheaccounting
principles used and significant estimates made by management, andevaluating the overall financial statement presentation. Our audit of internal
controlover financial reporting included obtaining anunderstandingofinternalcontroloverfinancial reporting, assessing the riskthatamaterial
weakness exists, and testing andevaluating the design and operating effectiveness ofinternal control based on the assessed risk.Our audits also
includedperformingsuchotherproceduresasweconsiderednecessaryinthecircumstances.Webelievethatourauditsprovideareasonablebasis
forouropinions.
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,theconsolidatedfinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thefinancialpositionofAvnetasof
July2,2016andJune27,2015,andtheresultsoftheiroperationsandtheircashflowsforeachoftheyearsinthethree-yearperiodendedJuly2,
2016,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 2, 2016 , 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. Furthermore, in our opinion, Avnet maintained, in all material respects,
effectiveinternalcontroloverfinancialreportingasofJuly2,2016,basedonthecriteriaestablishedinInternalControl-IntegratedFramework
(2013)issuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission.
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/s/KPMGLLP
Phoenix,Arizona
August12,2016
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