Chipotle 2008 Annual Report Download - page 39

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders of
Chipotle Mexican Grill, Inc.
We have audited the accompanying consolidated balance sheets of Chipotle Mexican Grill, Inc. (the
“Company”) as of December 31, 2008 and 2007, and the related consolidated statements of income,
shareholders’ equity and comprehensive income, and cash flows for each of the three years in the period ended
December 31, 2008. 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 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 Chipotle Mexican Grill, Inc. at December 31, 2008 and 2007, and the
consolidated results of its operations and its cash flows for each of the three years in the period ended
December 31, 2008, in conformity with U.S. generally accepted accounting principles.
As discussed in the Notes to the consolidated financial statements, effective January 1, 2007, the Company
changed its method for accounting for income taxes to conform with FASB Interpretation No. 48, Accounting for
Uncertainty in Income Taxes, and effective January 1, 2007, the Company changed its method for accounting for
sabbatical leave to conform with Emerging Issues Task Force Issue No. 06-2, Accounting for Sabbatical Leave
and Other Similar Benefits Pursuant to FASB Statement No. 43 Accounting for Compensated Absences.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Chipotle Mexican Grill, Inc.’s internal control over financial reporting as of December 31, 2008,
based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 19, 2009, expressed an unqualified
opinion thereon.
/s/ Ernst & Young LLP
Denver, Colorado
February 19, 2009
37
Annual Report