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54 Walmart 2011 Annual Report
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, 2011 and 2010, and the related
consolidated statements of income, shareholders’ equity, and cash ows
for each of the three years in the period ended January 31, 2011. These
nancial statements are the responsibility of the Company’s manage-
ment. 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 reasonable 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, 2011 and 2010, and the consolidated results of
its operations and its cash ows for each of the three years in the period
ended January 31, 2011, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 2 to the consolidated nancial statements,
eective May 1, 2010, the Company has elected to change its method
of accounting for inventory under the retail inventory method.
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, 2011,
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, 2011 expressed an
unqualied opinion thereon.
Rogers, Arkansas
March 30, 2011
Report of Independent Registered Public Accounting Firm