Where do I locate who was Targets auditing firm?

Question

I need to know where to locate what firm signed the report and the auditors opinion. Thanks

Thank you.

Answer 1

Here's the complete audit report by Ernst & Young LLP. The site is also given below.

Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting

The Board of Directors and Shareholders
Target Corporation

We have audited management’s assessment, included in the accompanying Report of Management on Internal Control, that Target Corporation and subsidiaries (the Corporation) maintained effective internal control over financial reporting as of February 3, 2007, based on criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). The Corporation’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on management’s assessment and an opinion on the effectiveness of the Corporation’s internal control over financial reporting based on our audit.
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 effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, management’s assessment that Target Corporation and subsidiaries maintained effective internal control over financial reporting as of February 3, 2007, is fairly stated, in all material respects, based on the COSO criteria. Also, in our opinion, the Corporation maintained, in all material respects, effective internal control over financial reporting as of February 3, 2007, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of financial position of Target Corporation and subsidiaries as of February 3, 2007 and January 28, 2006, and the related consolidated statements of operations, cash flows and shareholders’ investment for each of the three years in the period ended February 3, 2007, and our report dated March 14, 2007, expressed an unqualified opinion thereon.

Ernst & Young LLP
Minneapolis, Minnesota
March 14, 2007

Answer 2

There has been many cases where fall of a huge corporates and along with a corresponding auditing firms, not only in India but also in the US. The famous Enron Corporation Scandal and the auditing firm Arthur Anderson in the year 2001. These two scandals are comparable since the reasons for their downfall are similar. They manuplated the accounts to manuplate a small-sum which later became a routine practise. Then later the cumulation of small sums blew-up into a big monster. Satyams manuplation include: Showing inflated (high) cash and bank balances than actual balance. Showing interest income that was not present. Debtors value inflated. Raju said that - "What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of company operations grew significantly (annualised revenue run rate of Rs 11,276 crore (US$ 2.4 billion) in the September quarter of 2008 and official reserves of Rs 8,392 crore (US$ 1.79 billion)). As the promoters held a small percentage of equity, the concern was that poor performance would result in a takeover, thereby exposing the gap. The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. It was like riding a tiger, not knowing how to get off without being eaten.***” However in enron's case its Auditing Firm (Arthur Anderson) also closed down along with, since it's customer's lost confidence with it. These frauds could not have been done with the knowledge of it's Auditors. These frauds can been controlled (cant say stopped) by having dynamic and strict laws. Dynamic : To cover any loophole found in law Strict : Fear of punishment stops/control frauds. For example: In US after the fall of companies like Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom the act of: Sarbanes–Oxley Act of 2002 Where a company every has to do reporting on 11 heads on its various accounting and till now has done fairly.

Answer 3

Go to the Target website. Click on the Investors link at the bottom of the screen.
The information will be in the annual report posted on the site. They have the annual reports for the past several years available.

Answer 4

sec. gov - 10K or 8K / 10Q or 8Q reports in Edgar database will state the auditor for the firm. You will not find any "opinion" however because most auditor signings are a rubber stamp stating the firm complies and adheres to GAAP guidelines.