Ford 2007 Annual Report Download - page 121

119Ford Motor Company | 2007 Annual Report
To the Board of Directors and Stockholders
Ford Motor Company:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, of
stockholders' equity and of cash flows present fairly, in all material respects, the financial position of Ford Motor Company
and its subsidiaries at December 31, 2007 and December 31, 2006, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2007 in conformity with accounting principles
generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2007, based on criteria established in Internal Control
- Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The Company's management is responsible for these financial statements, for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in
Management's Report on Internal Control Over Financial Reporting in this Annual Report. Our responsibility is to express
opinions on these financial statements, and on the Company's internal control over financial reporting based on our
integrated 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 audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement and whether effective internal control
over financial reporting was maintained in all material respects. Our audits of the financial statements included
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial statement
presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control
over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other
procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for
our opinions.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The
accompanying sector balance sheets and the related sector statements of income and of cash flows are presented for
purposes of additional analysis and are not a required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements taken as a whole.
of its annual goodwill and other intangible assets impairment testing, and its amortization method for special tools in 2006.
obligations in 2005.
As discussed in Note 19 to the consolidated financial statements, the Company changed the manner in which it accounts
f or uncertain tax positions in 2007. As discussed in Note 24, the Company changed the manner in which it accounts for
defined benefit pension and other postretirement plans, and, as discussed in Note 2, the Company also changed the timing
As discussed in Note 28, the Company changed the manner in which it accounts for conditional asset retirement
Report of Independent Registered Public Accounting Firm