E-Z-GO 2006 Annual Report Download - page 56

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35
To the Board of Directors and Shareholders of Textron Inc.
We have audited the accompanying consolidated balance sheets of Textron Inc. as of December 30, 2006 and December 31, 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
30, 2006. Our audits also included the financial statement schedule contained on page 76. These financial statements and schedule are the
responsibility of Textron Inc.’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 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 30, 2006 and December 31, 2005 and the consolidated results of its operations and its cash flows for each of the three
years in the period ended December 30, 2006, 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 30, 2006, 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 14, 2007
expressed an unqualified opinion thereon.
As discussed in Note 12 to the consolidated financial statements, in 2006 Textron Inc. adopted Statement of Financial Accounting Standards
(“SFAS”) No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans - An amendment of FASB Statement
Nos. 87, 88, 106, and 132(R)”, and as discussed in Note 11 to the consolidated financial statements, in 2005 Textron Inc. adopted SFAS No. 123
(Revised 2004), “Share-Based Payment”.
Boston, Massachusetts
February 14, 2007
Report of Independent Registered Public Accounting Firm on the
Consolidated Financial Statements and Schedule