Public Storage 2010 Annual Report Download - page 72
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Public Storage
:H KDYH DXGLWHG 3XEOLF 6WRUDJH¶V LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ DV RI 'HFHPEHU 31, 2010, based on
criteria established in Internal Control²Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (the COSO criteria). 3XEOLF6WRUDJH¶VPDQDJHPHQWLVUHVSRQVLEOHIRU
maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal
control over financial reporting included in the accompanying Management¶V 5HSRUW on Internal Control over
Financial Reporting. Our responsibility is to express an opinion on the CRPSDQ\¶VLQWHUQDOFRQWURORYHU ILQDQFLDO
reporting based on our audit.
We conducted our audit 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 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.
$ FRPSDQ\¶V LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ LV D SURFHVV GHVLJQHG WR SURYLGH UHDVRQDEOH DVVXUDQFH
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. $ FRPSDQ\¶V LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ
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 preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable
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assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting 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, Public Storage maintained, in all material respects, effective internal control over financial reporting
as of December 31, 2010, 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 Public Storage as of December 31, 2010 and 2009, and the related
consolidated statements of income, VKDUHKROGHUV¶ HTXLW\ DQG FDVK IORZV IRU HDFK RI WKH WKUHH \HDUV LQ WKH SHULRG
ended December 31, 2010 and our report dated February 28, 2011 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
Los Angeles, California
February 28, 2011