XM Radio 2010 Annual Report Download - page 89

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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Sirius XM Radio Inc. and subsidiaries:
We have audited the accompanying consolidated balance sheets of Sirius XM Radio Inc. and subsidiaries as of
December 31, 2010 and 2009, and the related consolidated statements of operations, stockholders’ equity (deficit)
and comprehensive income (loss), and cash flows for each of the years in the three-year period ended December 31,
2010. In connection with our audits of the consolidated financial statements, we also have audited the financial
statement schedule listed in Item 15(2). These consolidated financial statements and financial statement schedule
are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
consolidated financial statements and financial statement schedule 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 consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Sirius XM Radio Inc. and subsidiaries as of December 31, 2010 and 2009, and the results of
their operations and their cash flows for each of the years in the three-year period ended December 31, 2010, in
conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement
schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents
fairly, in all material respects, the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Sirius XM Radio Inc. and subsidiaries’ internal control over financial reporting as of December 31,
2010, based on criteria established in Internal Control — Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 16, 2011 expressed
an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
As discussed in Note 3 to the consolidated financial statements, Sirius XM Radio Inc. changed its method of
accounting for share lending arrangements on January 1, 2010.
/s/ KPMG LLP
New York, New York
February 16, 2011
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