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53
PART II
Report of Independent Registered Public Accounting Firm
Shareholders and Board of Directors
Best Buy Co., Inc.
We have audited the accompanying consolidated balance sheet of Best Buy Co., Inc. andsubsidiaries (the “Company”) as
of February 25, 2006, and the related statements of earnings, changes in shareholders’ equity, and cash flows for the year
ended February 25, 2006. Our audit also included the financial statement schedule listed in Item 15(a). These financial
statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to
express an opinion on these financial statements and financial statement schedule based on ouraudit. The financial
statements of the Company for the years ended February 26, 2005, and February 28, 2004, were audited by other auditors
whose report, dated May 5, 2005, expressed an unqualified opinion on those statements.
We conducted ouraudit in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supportingthe
amounts and disclosures in the financial statements. An audit also includes assessing the accountingprinciplesusedand
significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides areasonable basis for our opinion.
In ouropinion, such consolidated financial statements present fairly, in all material respects, the financial position of Best
Buy Co., Inc. and subsidiaries as of February 25, 2006, andthe results of their operations and their cash flows for the year
ended February 25, 2006, in conformity with accounting principles generally accepted in the United States of America. Also,
in ouropinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements
taken as a whole, presents fairly, in all material respects, the information set forth therein.
As discussed in Note 1 to the consolidated financial statements, effective February 27, 2005, the Company changed its
methodof accountingfor share-based payments to adopt Statement of Financial Accounting Standards No. 123(R)
Share-Based Payment.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the effectiveness of the Company’s internal control over financial reporting as of February 25, 2006,based on the criteria
established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated May 5, 2006 expressed an unqualified opinion on management’s assessment
of theeffectiveness of the Company’s internal control over financial reporting and an unqualified opinion on the effectiveness
of the Company’s internal control over financial reporting.
Minneapolis, Minnesota
May 5, 2006