Seagate 2005 Annual Report Download - page 118

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Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
Seagate Technology
We have audited the accompanying consolidated balance sheets of Seagate Technology as of June 30, 2006, and July 1, 2005, and the
related consolidated statements of operations, shareholders’ equity and cash flows of Seagate Technology for the fiscal years ended June 30,
2006, July 1, 2005, and July 2, 2004. These consolidated financial statements are the responsibility of Seagate Technology’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
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 consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Seagate Technology at June 30, 2006 and July 1, 2005 and the consolidated results of its operations and cash flows for the fiscal
years ended June 30, 2006, July 1, 2005, and July 2, 2004, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
effectiveness of Seagate Technology’s internal control over financial reporting as of June 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
September 7, 2006 expressed an unqualified opinion thereon.
As discussed in Note 3 to the Notes to Consolidated Financial Statements, under the heading Compensation—Adoption of SFAS 123(R),
in fiscal 2006 Seagate Technology changed its method of accounting for stock-based compensation.
/s/ E
RNST
& Y
OUNG
LLP
San Jose, California
September 7, 2006
115