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28 LOWE’S 2010 ANNUAL REPORT
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Lowe’s Companies, Inc.
Mooresville, North Carolina
We have audited the accompanying consolidated balance sheets
of Lowe’s Companies, Inc. and subsidiaries (the “Company”) as of
January 28, 2011 and January 29, 2010, and the related consolidated
statements฀of฀earnings,฀shareholders’฀equity,฀and฀cash฀ows฀for฀each฀
of the three fiscal years in the period ended January 28, 2011. These
financial statements are the responsibility of the Company’s manage-
ment.฀Our฀responsibility฀is฀to฀express฀an฀opinion฀on฀these฀nancial฀
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 finan-
cial 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 the Company at Janu-
ary 28, 2011 and January 29, 2010, and the results of its operations
and฀its฀cash฀ows฀for฀each฀of฀the฀three฀scal฀years฀in฀the฀period฀ended฀
January 28, 2011, in conformity with accounting principles generally
accepted in the United States of America.
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 January 28,
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 March 28, 2011
expressed฀an฀unqualied฀opinion฀on฀the฀Company’s฀internal฀control฀
over financial reporting.
Charlotte, North Carolina
March 28, 2011