Best Buy 2011 Annual Report Download - page 68

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18APR201113304509
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Best Buy Co., Inc.:
We have audited the accompanying consolidated balance sheets of Best Buy Co., Inc. and subsidiaries (the ‘‘Company’’)
as of February 26, 2011 and February 27, 2010, and the related consolidated statements of earnings, changes in
shareholders’ equity, and cash flows for the each of the three years in the period ended February 26, 2011. Our audits
also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and financial
statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on
the 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, such consolidated financial statements present fairly, in all material respects, the financial position of
Best Buy Co., Inc. and subsidiaries as of February 26, 2011 and February 27, 2010, and the results of their operations
and their cash flows for each of the three years in the period ended February 26, 2011, in conformity with accounting
principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule,
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.
As discussed in Note 1 to the consolidated financial statements, during the year ended February 27, 2010, the Company
changed its method of accounting for noncontrolling interests for all periods presented with the adoption of Financial
Accounting Standards Board Accounting Standards Codification 810, Consolidation.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the Company’s internal control over financial reporting as of February 26, 2011, 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 April 25, 2011, expressed an unqualified opinion on the Company’s internal control
over financial reporting.
Minneapolis, Minnesota
April 25, 2011
68