True Value 2007 Annual Report Download - page 31

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10 | TRUE VALUE COMPANY
REPORT OF INDEPENDENT AUDITORS
TO THE BOARD OF DIRECTORS AND MEMBERS OF TRUE VALUE COMPANY:
In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of operations, cash
flows and members’ equity present fairly, in all material respects,
the financial position of True Value Company and its subsidi-
aries at December 29, 2007 and December 30, 2006, and the
results of their operations and their cash flows for each of the
three years in the period ended December 29, 2007 in confor-
mity with accounting principles generally accepted in the United
States of America. These financial statements are the responsi-
bility of the Company’s management. Our responsibility is to
express an opinion on these financial statements based on our
audits. We conducted our audits of these statements in accor-
dance with auditing standards generally accepted in the United
States of America. 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, assess-
ing the accounting principles used and significant estimates
made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
As discussed in Note 11 to the consolidated financial state-
ments, the Company changed the manner in which it accounts
for defined benefit retirement plans as of December 30, 2006.
PricewaterhouseCoopers LLP
Chicago, Illinois
March 3, 2008