Lockheed Martin 2005 Annual Report Download - page 45
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LockheedMartinCorporation
REPORTOFERNST&YOUNGLLP,INDEPENDENTREGISTEREDPUBLIC
ACCOUNTINGFIRM,ONTHEAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS
BoardofDirectorsandStockholders
LockheedMartinCorporation
We have audited the accompanying consolidated balance sheets of Lockheed Martin Corporation and subsidiaries as of
December31,2005and2004,andtherelatedconsolidatedstatementsofearnings,stockholders’equity,andcashflowsforeach
ofthethreeyearsintheperiodendedDecember31,2005.ThesefinancialstatementsaretheresponsibilityoftheCorporation’s
management.Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States).Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancial
statementsarefreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,evidencesupportingtheamountsand
disclosuresinthefinancialstatements.Anauditalsoincludesassessingtheaccountingprinciplesusedandsignificantestimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonablebasisforouropinion.
Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,theconsolidatedfinancial
positionofLockheedMartinCorporationandsubsidiariesatDecember31,2005and2004,andtheconsolidatedresultsoftheir
operations and their cash flows for each of the three years in the period ended December 31, 2005 in conformity with U.S.
generallyacceptedaccountingprinciples.
Wealsohaveaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates),
theeffectivenessofLockheedMartinCorporation’sinternalcontroloverfinancialreportingasofDecember31,2005basedon
criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the
TreadwayCommissionandourreportdatedFebruary22,2006expressedanunqualifiedopinionthereon.
Baltimore,Maryland
February22,2006