Sprint - Nextel 2005 Annual Report Download - page 98

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
Sprint Nextel Corporation:
We have audited the accompanying consolidated balance sheets of Sprint Nextel Corporation, formerly known as
Sprint Corporation, and subsidiaries as of December 31, 2005 and 2004, and the related consolidated statements
of operations, comprehensive income (loss), cash flows, and shareholders’ equity, for the years ended
December 31, 2005 and 2004. In connection with our audits of the consolidated financial statements, we also
have audited the financial statement schedule, Schedule II – Consolidated Valuation and Qualifying Accounts for
the years ended December 31, 2005 and 2004. These consolidated financial statements and financial statement
schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on
these consolidated 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, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Sprint Nextel Corporation and subsidiaries as of December 31, 2005 and 2004, and the
results of their operations and their cash flows for the years ended December 31, 2005 and 2004, in conformity
with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule
for the years ended December 31, 2005 and 2004, 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 1 to the consolidated financial statements, the Company adopted the provisions of FASB
Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations, in the fourth quarter of 2005.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the effectiveness of Sprint Nextel Corporation’s internal control over financial reporting as of
December 31, 2005, based on criteria established in Internal Control—Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 7,
2006 expressed an unqualified opinion on management’s assessment of, and the effective operation of, internal
control over financial reporting.
/s/ KPMG LLP
McLean, Virginia
March 7, 2006
F-3