Best Buy 2009 Annual Report Download - page 58

ITEM OF BUSINESS NO. 2 — RATIFICATION OF
APPOINTMENT OF OUR INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
(3) D&T reduced their fees by approximately $79,000 in
THIS SECTION SHOULD BE READ IN CONJUNCTION
consideration of external legal fees incurred by us in
WITH THE ‘‘AUDIT COMMITTEE REPORT’’ ON connection with the Audit Committee’s review of D&T’s
PAGES 55-57. independence discussed below.
The Audit Committee appointed Deloitte & Touche LLP It is our policy that our independent registered public
(‘‘D&T’’) as our independent registered public accounting firm be engaged to provide only audit and
accounting firm for the fiscal year that began March 1, audit-related services. However, pursuant to the policy,
2009. We will ask shareholders to ratify the in certain circumstances and using stringent standards in
appointment of D&T as our independent registered its evaluation, the Audit Committee may authorize our
public accounting firm at the Meeting. Representatives independent registered public accounting firm to provide
of D&T are expected to be present at the Meeting. They tax services when it would be inefficient or ineffective to
will have the opportunity to make a statement if they use another tax service provider. The Audit Committee’s
desire to do so and are expected to be available to intention is to not engage our independent registered
respond to appropriate questions. public accounting firm for tax advisory services.
In September 2008, D&T advised us that it believed an
Principal Accountant Fees and Services
advisory partner on D&T’s audit engagement team had
For the fiscal years ended February 28, 2009 and entered into trades involving our securities on multiple
March 1, 2008, D&T served as our independent occasions during the period of D&T’s engagement. The
registered public accounting firm. The following table individual had served as the advisory partner on D&T’s
presents the aggregate fees incurred for services audit engagement team from the commencement of
rendered by D&T during fiscal 2009 and 2008, D&T’s engagement in fiscal 2006 until September
respectively. The fees listed below were pre-approved by 2008. The advisory partner’s association with D&T was
our Audit Committee pursuant to the Audit Committee’s terminated in September 2008. See ‘‘Audit Committee
pre-approval policy described on pages 55-56: Report’’ on pages 55-57 for further details including our
Service Type Fiscal 2009 Fiscal 2008 conclusion that D&T’s independence was not impaired
with respect to any of our financial statements covering
Audit fees(1) $4,687,000 $4,495,000
periods during which the former advisory partner was a
Audit-related fees(2) 2,969,000 592,000
member of D&T’s audit engagement team. Both we and
Tax fees 157,000 —
D&T have reported our respective conclusions regarding
All other fees — —
this matter to the SEC.
Total(3) $7,813,000 $5,087,000
Board Voting Recommendation
(1) Consists of fees for professional services rendered in
connection with the audits of our consolidated financial The Board recommends that shareholders vote FOR the
statements and the effectiveness of our internal control
proposal to ratify the appointment of Deloitte &
over financial reporting for the fiscal years ended
February 28, 2009, and March 1, 2008; the reviews of Touche LLP as our independent registered public
the consolidated financial statements included in each of accounting firm for the fiscal year that began on
our Quarterly Reports on Form 10-Q during those fiscal
years; consultations on accounting matters; and SEC March 1, 2009.
registration statements.
If the appointment of D&T were not to be ratified by the
(2) Consists primarily of fees for acquisition-related due shareholders, the Audit Committee would not be
diligence and statutory audit filings, as well as the audits
of our Retirement Savings Plan and The Best Buy required to appoint another independent registered
Children’s Foundation. Includes fees of $1,668,000 public accounting firm, but would give consideration to
incurred for statutory audits of Best Buy Europe, which
was acquired by us in fiscal 2009. an unfavorable vote.
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