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the Exchange Act). Best Buys internal control over financial reporting is designed under the supervision of Best Buys principal executive officer and principal financial officer, and effected by Best Buy Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, and includes those policies and procedures which pertain to the maintenance of records that in reasonable detail accurately and fairly reflect Best Buy transactions and the dispositions of Best Buy assets; which provides reasonable assurance that Best Buy transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that Best Buy receipts and expenditures are being made only in accordance with authorizations of Best Buys management and Board; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Best Buy assets that could have a material effect on Best Buys financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Best Buy assessed the effectiveness of Best Buy internal control over financial reporting as of March 3, 2012, using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control Integrated Framework. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of the five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence. During Best Buy assessment, management did not identify any material weakness in internal control over financial reporting. Deloitte & Touch LLP, the independent registered public accounting firm that audited Best Buy consolidated financial statements for the year ended March 3, 2012, has issued an unqualified attestation report on Best Buy internal control over financial reporting as of March 3, 2012. According to Auditors letter they have audited the internal control over financial reporting of Best Buy Co., Inc. and subsidiaries (the "Company") as of March 3, 2012, based on criteria established in Internal Control- Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Auditors conducted Best Buy audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that Best Buy plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. SAS#114: AU Section 380-The Auditors Communication with those Charged with Governance. This standard is effective for audits of financial statements for periods beginning on or after December 15, 2006. This section establishes standards and provides guidance on the auditor's communication with those charged with governance in relation to an audit of financial statements. Recognizing the importance of effective two-way communication to the audit, SAS#114 provides a framework for the auditor's communication with those charged with governance. Auditors must communicate with those charged with governance matters related to the financial statement audit that are, in the auditor's professional judgment, significant and relevant to the responsibilities of those charged with governance in overseeing the financial reporting process. It helps to obtain information relevant to the audit from those charged with governance. The auditor should communicate the auditor's responsibilities under generally accepted
auditing standards and should discuss any disagreements with management, whether or not satisfactorily resolved, about matters that individually or in the aggregate could be significant to the entity's financial statements or the auditor's report.
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