Cabela's 2004 Annual Report Download - page 78

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Cabela's Incorporated and Subsidiaries
Sidney, Nebraska
We have audited the accompanying consolidated balance sheets of Cabela's Incorporated and
Subsidiaries (the ""Company'') as of January 1, 2005 and January 3, 2004, and the related consolidated
statements of income, stockholders' equity, and cash Öows for each of the three years in the period ended
January 1, 2005. These Ñnancial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these Ñnancial statements 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 Ñnancial statements are free of material misstatement. The
Company is not required to have, nor were we engaged to perform, an audit of its internal control over
Ñnancial reporting. Our audit included consideration of internal control over Ñnancial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the eÅectiveness of the Company's internal control over Ñnancial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the Ñnancial statements, assessing the accounting principles used
and signiÑcant estimates made by management, as well as evaluating the overall Ñnancial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated Ñnancial statements present fairly, in all material respects, the
Ñnancial position of Cabela's Incorporated and Subsidiaries as of January 1, 2005 and January 3, 2004,
and the results of their operations and their cash Öows for each of the three years in the period ended
January 1, 2005, in conformity with accounting principles generally accepted in the United States of
America.
DELOITTE & TOUCHE LLP
Omaha, Nebraska
March 18, 2005
66