Napa Auto Parts 2008 Annual Report Download - page 27

report of independent registered public accounting rm
on internal control over nancial accounting
e Board of Directors and Shareholders of Genuine Parts Company
We have audited Genuine Parts Company’s internal control over finan-
cial reporting as of December 31, 2008, based on criteria established
in Internal Control—Integrated Framework issued by the Commit-
tee of Sponsoring Organizations of the Treadway Commission (the
COSO criteria). Genuine Parts Company’s management is responsible
for maintaining effective internal control over financial reporting, and
for its assessment of the effectiveness of internal control over financial
reporting included in the accompanying Report of Management. Our
responsibility is to express an opinion on the Company’s internal control
over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). ose
standards require that we plan and perform the audit to obtain reason-
able assurance about whether effective internal control over financial
reporting was maintained in all material respects. Our audit included
obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, testing and evaluating
the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion.
A company’s internal control over financial reporting is a process de-
signed to provide reasonable assurance regarding the reliability of finan-
cial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.
A company’s internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit prepara-
tion of financial statements in accordance with generally accepted ac-
counting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance re-
garding prevention or timely detection of unauthorized acquisition, use,
or disposition of the company’s assets that could have a material effect
on the financial statements.
Because of its inherent limitations, internal control over financial report-
ing may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Genuine Parts Company maintained, in all material re-
spects, effective internal control over financial reporting as of December
31, 2008, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the consolidated
balance sheets of Genuine Parts Company as of December 31, 2008 and
2007, and the related consolidated statements of income, shareholders’
equity, and cash flows for each of the three years in the period ended
December 31, 2008 of Genuine Parts Company and our report dated
February 25, 2009 expressed an unqualified opinion thereon.
Atlanta, Georgia
February 25, 2009
report of independent registered public accounting rm on the nancial statements
e Board of Directors and Shareholders of Genuine Parts Company
We have audited the accompanying consolidated balance sheets of
Genuine Parts Company as of December 31, 2008 and 2007, and the
related consolidated statements of income, shareholders’ equity, and
cash flows for each of the three years in the period ended December 31,
2008. ese 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). ose stan-
dards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement. An audit includes examining, on a test basis, evidence sup-
porting 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
Genuine Parts Company 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 Note 7, effective December 31, 2006, the Company ad-
opted Statement of Financial Accounting Standards No. 158, Employers’
Accounting for Defined Benefit Pension and Other Postretirement Benefits.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), Genuine Parts
Company’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 25, 2009
expressed an unqualified opinion thereon.
Atlanta, Georgia
February 25, 2009
25