Best Buy 2005 Annual Report Download - page 73

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30APR200413022813
Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements
Shareholders and Board of Directors
Best Buy Co., Inc.
We have audited the accompanying consolidated balance sheets of Best Buy Co., Inc. and subsidiaries as of
February 26, 2005, and February 28, 2004, and the related consolidated statements of earnings, changes in
shareholders’ equity, and cash flows for each of the three years in the period ended February 26, 2005. Our audits also
included the financial statement schedule listed in Item 15(a). These financial statements and schedule are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements
and 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 financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Best Buy Co., Inc. and subsidiaries at February 26, 2005, and February 28, 2004, and the consolidated
results of their operations and their cash flows for each of the three years in the period ended February 26, 2005, in
conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement
schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material
respects, the information set forth therein.
As discussed in Note 5 to the financial statements, effective February 26, 2005, Best Buy Co., Inc. and subsidiaries
adopted EITF Issue No. 04-08, ‘‘The Effect of Contingently Convertible Instruments on Diluted Earnings per Share,’’ and
restated earnings per share for all prior periods.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the effectiveness of the Best Buy Co., Inc. and subsidiaries’ internal control over financial reporting as of
February 26, 2005, based on the criteria established in Internal Control — Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated May 5, 2005 expressed an
unqualified opinion thereon.
Minneapolis, Minnesota
May 5, 2005
57