True Value 2009 Annual Report Download - page 24

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2009 Financial Report 9
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 subsidiaries
at January 2, 2010 and January 3, 2009, and the results of their
operations and their cash flows for each of the three years in
the period ended January 2, 2010 in conformity with accounting
principles generally accepted in the United States of America.
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 of these statements in accordance with auditing stan-
dards 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, assessing 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 1 to the consolidated financial statements,
the Company changed the manner in which it accounts for uncer-
tain tax positions as of December 30, 2007.
PricewaterhouseCoopers LLP
Chicago, Illinois
March 10, 2010