Sonic 2007 Annual Report Download - page 42

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The Board of Directors and Stockholders of
Sonic Corp.
We have audited the accompanying consolidated balance sheets of Sonic Corp. as of
August 31, 2007 and 2006, and the related consolidated statements of income, stockholders’
equity (deficit), and cash flows for each of the three years in the period ended August 31,
2007. These 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). 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 Sonic Corp. at August 31, 2007 and 2006,
and the consolidated results of their operations and their cash flows for each of the three
years in the period ended August 31, 2007, 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 Sonic Corp.’s internal control
over financial reporting as of August 31, 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 October 17, 2007, expressed an unqualified
opinion thereon.
Oklahoma City, Oklahoma
October 17, 2007
Pg. 40
Sonic Corp. 2007 Annual Report
Report of Independent Registered Public Accounting Firm