Vistaprint 2014 Annual Report Download - page 93

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89
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Supervisory Board and Shareholders of
Vistaprint N.V.
We have audited Vistaprint N.V.’s internal control over financial reporting as of June 30, 2014, based on
criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (1992 framework) (the COSO criteria). Vistaprint N.V.’s management
is responsible for maintaining effective internal control over financial reporting, and for its assessment of the
effectiveness of internal control over financial reporting included in the accompanying Management’s Report on
Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the company’s internal
control over financial reporting based on our audit.
We conducted our audit 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 effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
In our opinion, Vistaprint N.V. maintained, in all material respects, effective internal control over financial
reporting as of June 30, 2014, based on the COSO criteria.
As indicated in the accompanying Management's Report on Internal Control Over Financial Reporting,
management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not
include the internal controls of People & Print Group B.V. and its subsidiaries and Pixartprinting S.p.A and its
subsidiaries, which are included in the consolidated financial statements of Vistaprint N.V as of June 30, 2014 and
constituted approximately $43.3 million of total assets and $ 2.9 million of net assets as of June 30, 2014 and
approximately $ 43.6 million of revenues and $3.5 million of net income for the year then ended. Our audit of
internal control over financial reporting of Vistaprint N.V. also did not include an evaluation of the internal control
over financial reporting of People & Print Group B.V. and its subsidiaries and Pixartprinting S.p.A and its
subsidiaries.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the consolidated balance sheets of Vistaprint N.V. as of June 30, 2014 and 2013 and the
related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows for
each of the three years in the period ended June 30, 2014 of Vistaprint N.V. and our report dated August 15, 2014
expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 15, 2014