Kohl's 2008 Annual Report Download - page 41

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders of
Kohl’s Corporation
We have audited the accompanying consolidated balance sheets of Kohl’s Corporation (the Company) as of
January 31, 2009 and February 2, 2008, and the related consolidated statements of income, changes in
shareholders’ equity, and cash flows for each of the three years in the period ended January 31, 2009. These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these financial 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 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 financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Kohl’s Corporation at January 31, 2009 and February 2, 2008, and the
consolidated results of its operations and its cash flows for each of the three years in the period ended January 31,
2009, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 1 to the financial statements, in 2007 the Company changed its method of accounting
for uncertainty in income taxes.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Kohl’s Corporation’s internal control over financial reporting as of January 31, 2009, based on
criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated March 5, 2009, expressed an unqualified
opinion thereon.
/s/ ERNST & YOUNG LLP
Milwaukee, Wisconsin
March 5, 2009
F-2