Boeing 2006 Annual Report Download - page 83

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The Boeing Company and Subsidiaries 81
To the Board of Directors and Shareholders of
The Boeing Company
Chicago, Illinois
We have audited the accompanying consolidated statements
of financial position of The Boeing Company and subsidiaries
(the “Company”) as of December 31, 2006 and 2005, and the
related consolidated statements of operations, shareholders’
equity, and cash flows for each of the three years in the period
ended December 31, 2006. These financial statements are the
responsibility of the Company’s management. Our responsibility
is to express an opinion on these financial statements 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 finan-
cial 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 sig-
nificant 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 (located
at pages 41–79) present fairly, in all material respects, the
financial position of The Boeing Company and subsidiaries
as of December 31, 2006 and 2005, and the results of their
operations and their cash flows for each of the three years in
the period ended December 31, 2006, in conformity with
accounting principles generally accepted in the United States
of America.
As discussed in Note 15 to the financial statements, the
Company adopted Statement of Financial Accounting Standard
No. 158 Employers’ Accounting for Defined Benefit Pension and
Other Postretirement Plans – an Amendment of FASB Statements
No. 87, 88, 106 and 132(R), which changed its method of
accounting for pension and postretirement benefits as of
December 31, 2006. In addition, as discussed in Note 1 to the
consolidated financial statements, in 2006 the Company
changed its method of accounting for concessions received
from vendors and, retrospectively, adjusted the 2005 and 2004
financial statements for the change.
We have also audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
the effectiveness of the Company’s internal control over finan-
cial reporting as of December 31, 2006, based on the criteria
established in Internal Control-Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway
Commission and our report (not presented herein) dated
February 15, 2007 expressed an unqualified opinion on man-
agement’s assessment of the effectiveness of the Company’s
internal control over financial reporting and an unqualified
opinion on the effectiveness of the Company’s internal control
over financial reporting.
Chicago, Illinois
February 15, 2007
Report of Independent Registered Public Accounting Firm