Taco Bell 2004 Annual Report Download - page 77
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Please find page 77 of the 2004 Taco Bell annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.TheBoardofDirectorsandShareholders
YUM!Brands,Inc.:
We have audited the accompanying consolidated balance sheets of YUM! Brands, Inc. and Subsidiaries (“YUM”) as of
December25,2004andDecember27,2003,andtherelatedconsolidatedstatementsofincome,cashflows,andshare-
holders’equityandcomprehensiveincomeforeachoftheyearsinthethree-yearperiodendedDecember25,2004.These
consolidatedfinancialstatementsaretheresponsibilityofYUM’smanagement.Ourresponsibilityistoexpressanopinionon
theseconsolidatedfinancialstatementsbasedonouraudits.
WeconductedourauditsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(United
States).Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancial
statementsarefreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,evidencesupportingtheamounts
anddisclosuresinthefinancialstatements.Anauditalsoincludesassessingtheaccountingprinciplesusedandsignificant
estimatesmadebymanagement,aswellasevaluatingtheoverallfinancialstatementpresentation.Webelievethatouraudits
provideareasonablebasisforouropinion.
Inouropinion,theconsolidated financialstatementsreferred toabovepresentfairly,inallmaterialrespects,the
financialpositionofYUMasofDecember25,2004andDecember27,2003,andtheresultsofitsoperationsanditscash
flowsforeachoftheyearsinthethree-yearperiodendedDecember25,2004,inconformitywithU.S.generallyaccepted
accountingprinciples.
Wealsohaveaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates),
theeffectivenessofYUM’sinternalcontroloverfinancialreportingasofDecember25,2004,basedoncriteriaestablished
inInternalControl—IntegratedFrameworkissuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission
(COSO),andourreportdatedFebruary28,2005expressedanunqualifiedopiniononmanagement’sassessmentof,andthe
effectiveoperationof,internalcontroloverfinancialreporting.
KPMGLLP
Louisville,Kentucky
February28,2005
ReportofIndependentRegisteredPublicAccountingFirm
75
Yum!Brands,Inc.