Walmart 2006 Annual Report Download - page 50

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48
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, 2006 and 2005, and the
related consolidated statements of income, shareholders’ equity
and cash fl ows for each of the three years in the period ended
January 31, 2006. These fi nancial statements are the responsibility
of the Company’s management. Our responsibility is to express an
opinion on these fi 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 fi nancial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
fi nancial statements. An audit also includes assessing the account-
ing principles used and signifi cant estimates made by management,
as well as evaluating the overall fi nancial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the fi nancial statements referred to above present
fairly, in all material respects, the consolidated fi nancial position of
Wal-Mart Stores, Inc. at January 31, 2006 and 2005, and the con-
solidated results of its operations and its cash fl ows for each of the
three years in the period ended January 31, 2006, 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 fi nancial reporting as of January 31, 2006, based on crite-
ria established in Internal Control – Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated March 27, 2006 expressed
an unqualifi ed opinion thereon.
Rogers, Arkansas
March 27, 2006
Report of Independent Registered Public Accounting Firm
WAL-MART