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52 Wal-Mart 2009 Annual Report
Report of Independent Registered Public Accounting Firm
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, 2009 and 2008, and the related
consolidated statements of income, shareholders’ equity, and cash
ows for each of the three years in the period ended January 31,
2009. These  nancial statements are the responsibility of the Compa-
ny’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 eval-
uating 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, 2009 and 2008, and the consoli-
dated results of its operations and its cash  ows for each of the three
years in the period ended January 31, 2009, 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 Interpretation No. 48, Accounting for
Uncertainty in Income Taxes, and effective January 31, 2009, the
Company adopted the measurement elements of 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, 2009,
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 27, 2009 expressed an
unquali ed opinion thereon.
Rogers, Arkansas
March 27, 2009