E-Z-GO 2005 Annual Report Download - page 58

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38
To the Board of Directors and Shareholders of Textron Inc.
We have audited the accompanying consolidated balance sheets of Textron Inc. (the “Company”) as of December 31, 2005 and January 1, 2005,
and the related consolidated statements of operations, cash flows and changes in shareholders’ equity for each of the three years in the period
ended December 31, 2005. Our audits also included the financial statement schedule contained on page 77. 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 misstate-
ment. 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 Consolidated Financial Statements referred to above present fairly, in all material respects, the consolidated financial position
of Textron Inc. at December 31, 2005 and January 1, 2005, and the consolidated results of its operations and its cash flows for each of the three
years in the period ended December 31, 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.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of
Textron Inc.’s internal control over financial reporting as of December 31, 2005, 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 13, 2006
expressed an unqualified opinion thereon.
As discussed in Note 13 to the Consolidated Financial Statements, in 2005 Textron adopted Statement of Financial Accounting Standards (SFAS)
No. 123 (Revised 2004), “Share-Based Payment”, and as discussed in Note 11 to the Consolidated Financial Statements, in 2003 Textron adopted
SFAS No. 150, “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity.”
Boston, Massachusetts
February 13, 2006
Report of Independent Registered Public Accounting Firm on the
Consolidated Financial Statements and Schedule