Walmart 2008 Annual Report Download - page 50

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The Board of Directors and Shareholders of
Wal-Mart Stores, Inc.
We have audited the accompanying consolidated balance sheets of
Wal-Mart Stores, Inc. as of January 31, 2008 and 2007, and the related
consolidated statements of income, shareholders’ equity, and cash
ows for each of the three years in the period ended January 31, 2008.
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, 2008 and 2007, and the consoli-
dated results of their operations and their cash ows for each of the
three years in the period ended January 31, 2008, in conformity with
U.S. generally accepted accounting principles.
As discussed in Notes 5 and 13 to the consolidated nancial statements,
respectively, eective February 1, 2007 the Company changed its
method of accounting for income taxes in accordance with Financial
Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting
for Uncertainty in Income Taxes, and effective 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), Wal-Mart
Stores, Inc.’s internal control over nancial reporting as of January 31,
2008, 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, 2008
expressed an unqualied opinion thereon.
Rogers, Arkansas
March 26, 2008
48 WAL-MART 2008 ANNUAL REPORT
Report of Independent Registered Public Accounting Firm