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56 || Walmart 2013 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, 2013 and 2012, and the related
consolidated statements of income, comprehensive income, shareholders’
equity, and cash  ows for each of the three years in the period ended
January 31, 2013. 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 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, 2013 and 2012, and the consolidated results of
its operations and its cash  ows for each of the three years in the period
ended January 31, 2013, in conformity with U.S. generally accepted
accounting principles.
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, 2013,
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, 2013 expressed an
unquali ed opinion thereon.
Rogers, Arkansas
March 26, 2013
Report of Independent Registered Public Accounting Firm