Grainger_2005_AR3

Grainger_2005_AR3 - INDEX TO FINANCIAL STATEMENTS AND...

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Page(s) REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM . .................................................... 25 - 27 FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF EARNINGS . .................................................................................... 28 CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS . ..................................................... 29 CONSOLIDATED BALANCE SHEETS . .................................................................................................... 30 - 31 CONSOLIDATED STATEMENTS OF CASH FLOWS. ................................................................................ 32 - 33 CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY . ........................................................... 34 - 35 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS . ....................................................................... 36 - 60 EXHIBIT 11 – COMPUTATIONS OF EARNINGS PER SHARE. ................................................................. 61 EXHIBIT 23 – CONSENTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. ................ 62 INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA December 31, 2005, 2004 and 2003 K -24
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The Board of Directors and Shareholders W.W. Grainger, Inc. We have audited the accompanying consolidated balance sheet of W.W Grainger, Inc. and Subsidiaries as of December 31, 2005, and the related consolidated statements of earnings, comprehensive earnings, shareholders’ equity, and cash flows for the year ended December 31, 2005. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statements of W.W. Grainger, Inc. for the year ended December 31, 2004 and 2003, were audited by other auditors whose report dated February 11, 2005, expressed an unqualified opinion on those statements. We conducted our audit 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the 2005 financial statements referred to above present fairly, in all material respects, the consolidated financial position of W.W. Grainger, Inc. and Subsidiaries at December 31, 2005, and the consolidated results of its operations and its cash flows for the year ended December 31, 2005, 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), the effectiveness of W.W. Grainger, Inc.’s internal control over financial reporting as of December 31, 2005, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 21, 2006, expressed an unqualified opinion thereon. Ernst & Young LLP Chicago, Illinois February 21, 2006 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM K -25
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K -26 The Board of Directors and Shareholders W.W. Grainger, Inc.
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This note was uploaded on 10/11/2011 for the course ECT ect535 taught by Professor Susichan during the Fall '11 term at DePaul.

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Grainger_2005_AR3 - INDEX TO FINANCIAL STATEMENTS AND...

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