Walmart 2010 Annual Report Download - page 54

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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, 2010 and 2009, and the related
consolidated statements of income, shareholders’ equity, and cash flows
for each of the three years in the period ended January 31, 2010. 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, 2010 and 2009, and the consolidated results of
its operations and its cash flows for each of the three years in the period
ended January 31, 2010, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 8 to the consolidated financial statements, effective
February 1, 2007, the Company changed its method of accounting for
uncertainty in income taxes.
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 financial reporting as of January 31,
2010, 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 30, 2010
expressed an unqualified opinion thereon.
Rogers, Arkansas
March 30, 2010
Report of Independent Registered Public Accounting Firm
52 Walmart 2010 Annual Report