Papa Johns 2007 Annual Report Download - page 66

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59
Report of Independent Registered Public Accounting Firm
Board of Directors and Stockholders
Papa John’s International, Inc.
We have audited the accompanying consolidated balance sheets of Papa John’s International, Inc. and
subsidiaries as of December 30, 2007 and December 31, 2006, and the related consolidated statements of
income, stockholders' equity, and cash flows for each of the three years in the period ended December 30,
2007. Our audits also included the financial statement schedule listed in the Index at Item 15(a)(2). 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 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 Papa John’s International, Inc. and subsidiaries at December 30, 2007
and December 31, 2006, and the consolidated results of their operations and their cash flows for each of
the three years in the period ended December 30, 2007, 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.
As discussed in Note 2 to the consolidated financial statements, effective January 1, 2006, the Company
changed its method of accounting for stock-based compensation to conform to Statement of Financial
Accounting Standards No. 123(R), “Share-Based Payment”.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of Papa John’s International, Inc.’s internal control over
financial reporting as of December 30, 2007, 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, 2008 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
Louisville, Kentucky
February 25, 2008