Best Buy 2009 Annual Report Download - page 56

firm can reasonably be expected to provide, independent registered public accounting firm. SEC rules
including comfort letters and discussions also provide that when a partner serving in a capacity
surrounding the proper application of financial such as that of this advisory partner has an investment
accounting and/or reporting standards. in securities of an audit client, the audit firm is not
considered independent with respect to that client.
2. Audit-Related services include assurance and
related services that are traditionally performed by This individual had served as the advisory partner on the
the independent registered public accounting firm, audit engagement team from the commencement of
including due diligence related to mergers and D&T’s engagement in fiscal 2006 until September
acquisitions, statutory audits, employee benefit plan 2008. The advisory partner is no longer an active
audits and special procedures required to meet partner at D&T. The audit partner heading the audit
certain regulatory requirements. engagement team had responsibility for all substantive
issues with respect to the planning, scope and conduct
3. Tax services include compliance and other of D&T’s audit of our company, while the former
non-advisory services performed by the independent advisory partner was responsible for client relationship
registered public accounting firm when it would be management, industry matters and service assessment.
inefficient or ineffective to use another tax service
provider. The former advisory partner attended some, but not all,
Audit Committee meetings. At these meetings, he
As appropriate, the Audit Committee then pre-approves reviewed with the committee reports of the annual
the services and the related estimated fees. The Audit inspection of D&T conducted by the Public Company
Committee requires our independent registered public Accounting Oversight Board as well as D&T’s annual
accounting firm and management to report actual fees client service assessments. The former advisory partner
versus the estimate periodically throughout the year by also met occasionally with members of our management
category of service. During the year, circumstances may or the audit committee. His role was to advise on
arise when it may become necessary to engage our industry matters and to maintain the relationship
independent registered public accounting firm for between D&T and us. He did not review substantive
additional services not contemplated in the initial annual audit matters with management or the committee. The
proposal. In those instances, the Audit Committee former advisory partner attended our annual meetings of
pre-approves the additional services and related fees shareholders as one of the D&T representatives
before engaging our independent registered public attending those meetings. Neither the former advisory
accounting firm to provide the additional services. partner nor any other D&T representatives spoke at any
of these shareholder meetings and no questions were
Auditor Independence asked of D&T.
The Audit Committee discussed with D&T its D&T reported to us the results of its investigation of the
independence from management and Best Buy, and involvement of the former advisory partner in actual
received the written disclosures and the letter from D&T audit matters, including review of its audit-related files
as required by the Public Company Accounting and logs and interviews of other members of the audit
Oversight Board’s Ethics and Independence Rule 3526, engagement team. D&T also reported to us the steps
Communication with Audit Committees Concerning taken in its investigation and its conclusions and
Independence. In September 2008, D&T advised us in provided supporting materials to us. At the direction of
writing that it believed an advisory partner on D&T’s the Audit Committee, we also conducted an
audit engagement team had entered into trades investigation into the extent of any involvement of the
involving our securities on multiple occasions during the former advisory partner in actual audit matters. We
period of D&T’s engagement. SEC rules require that we retained outside counsel to direct and assist in this
file annual financial statements that are audited by an
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