Walmart 2005 Annual Report Download - page 52

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50 WAL-MART 2005 ANNUAL REPORT
The Board of Directors and Shareholders,
Wal-Mart Stores, Inc.
We have audited the accompanying consolidated balance sheets
of Wal-Mart Stores, Inc. as of January 31, 2005 and 2004, and the
related consolidated statements of income, shareholders’ equity
and cash flows for each of the three years in the period ended
January 31, 2005. 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
Wal-Mart Stores, Inc. at January 31, 2005 and 2004, and the con-
solidated results of its operations and its cash flows for each of the
three years in the period ended January 31, 2005, in conformity
with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
the effectiveness of Wal-Mart Stores, Inc.’s internal control over
financial reporting as of January 31, 2005, 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 25, 2005 expressed
an unqualified opinion thereon.
Rogers, Arkansas
March 25, 2005
Report of Independent Registered Public Accounting Firm
W A L -M A R T