UPS 2008 Annual Report Download - page 61

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareowners
United Parcel Service, Inc.
Atlanta, Georgia
We have audited the accompanying consolidated balance sheets of United Parcel Service, Inc. and
subsidiaries (the “Company”) as of December 31, 2008 and 2007, and the related statements of consolidated
income, comprehensive income (loss), and cash flows for each of the three years in the period ended
December 31, 2008. These consolidated 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, such consolidated financial statements present fairly, in all material respects, the financial
position of United Parcel Service Inc. and subsidiaries at December 31, 2008 and 2007, and the results of their
operations and their cash flows for each of the three years in the period ended December 31, 2008, in conformity
with accounting principles generally accepted in the United States of America.
As described in Notes 1, 5, and 13 to the consolidated financial statements, the Company adopted the
provisions of Financial Accounting Standards Board Interpretation No. 48, “Accounting for Uncertainty in
Income Taxes (an interpretation of FASB Statement No. 109),” on January 1, 2007, the provisions of Statement
of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payment,” on January 1, 2006, and the
recognition and disclosure provisions of Statement of Financial Accounting Standards No. 158, “Employers’
Accounting for Defined Benefit Pension and Other Postretirement Plans (an amendment of FASB Statements
No. 87, 88, 106, and 132(R)),” on December 31, 2006.
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, 2008, 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 27, 2009 expressed an unqualified
opinion on the Company’s internal control over financial reporting.
Deloitte & Touche LLP
Atlanta, Georgia
February 27, 2009
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