Cabela's 2011 Annual Report Download - page 78

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68
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 December 31, 2011 and January 1, 2011, and the related consolidated statements of income,
stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2011. Our
audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and
financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express
an opinion on the 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, such consolidated financial statements present fairly, in all material respects, the financial position
of Cabela’s Incorporated and Subsidiaries as of December 31, 2011 and January 1, 2011, and the results of their
operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity
with accounting principles generally accepted in the United States of America. Also, in our opinion, such 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.
As discussed in Note 3 to the consolidated financial statements on January 3, 2010, the Company prospectively
adopted the accounting standards Accounting Standards Codification (ASC) Topic 810, Consolidations, and ASC
Topic 860, Transfers and Servicing, which resulted in the consolidation of the Cabela’s Master Credit Card Trust
and related entities.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2011, based on
the criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 22, 2012, expressed an unqualified
opinion on the Company’s internal control over financial reporting.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Omaha, Nebraska
February 22, 2012