Seagate 2006 Annual Report Download - page 123

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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 29, 2007 and
June 30, 2006, and the related consolidated statements of operations, shareholders’ equity and cash flows of Seagate
Technology for the fiscal years ended June 29, 2007, June 30, 2006 and July 1, 2005. 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 29, 2007 and June 30, 2006 and the consolidated
results of its operations and cash flows for the fiscal years ended June 29, 2007, June 30, 2006 and July 1, 2005, 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 29,
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 August 21, 2007 expressed an unqualified opinion
thereon.
As discussed in Note 3 to the Notes to Consolidated Financial Statements, under the heading Compensation —
Adoption of SFAS No. 123(R), in fiscal 2006 Seagate Technology changed its method of accounting for stock-based
compensation.
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S
/ E
RNST
& Y
OUNG
LLP
San Jose, California
August 21, 2007
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