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Wal-Mart 2007 Annual Report 60
Report of Independent Registered Public Accounting Firm
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, 2007 and 2006, and the related
consolidated statements of income, shareholders’ equity, and cash
ows for each of the three years in the period ended January 31, 2007.
These  nancial statements are the responsibility of the Company’s
management. 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 rea-
sonable assurance about whether the  nancial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the  nancial
statements. An audit also includes assessing the accounting principles
used and signi cant estimates made by management, as well as
evaluating the overall  nancial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the  nancial statements referred to above present
fairly, in all material respects, the consolidated  nancial position of
Wal-Mart Stores, Inc. at January 31, 2007 and 2006, and the consoli-
dated results of its operations and its cash  ows for each of the three
years in the period ended January 31, 2007, in conformity with U.S.
generally accepted accounting principles.
As discussed in Note 13 to the consolidated  nancial statements,
e ective January 31, 2007, the Company adopted Statement of
Financial Accounting Standards No. 158, Employers’ Accounting for
De ned Bene t Pension and Other Postretirement Plans.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the e ective-
ness of Wal-Mart Stores, Inc.’s internal control over  nancial reporting
as of January 31, 2007, 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 26, 2007 expressed an unquali ed opinion thereon.
Rogers, Arkansas
March 26, 2007