Report of Independent Auditors
Financial information contained in annual reports is independently verified by certified public accountants (CPAs), whose summary report is presented in the Report of Independent Auditors section of an annual report (Exhibit 4.12).
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
| The Board of Directors and Shareholders |
| McDonald’s Corporation |
| We have audited the accompanying Consolidated balance sheets of McDonald’s Corporation as of December 31, 2005 and 2004, and the related Consolidated statements of income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2005. These financial statements are the responsibility of McDonald’s Corporation management. Our responsibility is to express an opinion on these financial statements based on our 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 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 audits provide a reasonable basis for our opinion. |
| In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of McDonald’s Corporation at December 31, 2005 and 2004, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2005, in conformity with U.S. generally accepted accounting principles. |
| As discussed in the Notes to the consolidated financial statements, effective January 1, 2005, the Company changed its method for accounting for share-based compensation to conform with SFAS No.l23(R), Share-Based Payment. Effective January 1, 2003, the Company changed its method for accounting for asset retirement obligations to conform with SEAS No. 143, Accounting for Asset Retirement Obligations. |
| We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of McDonald’s Corporation’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 20, 2006 expressed an unqualified opinion thereon. |
| ERNST & YOUNG LLP |
| Chicago, Illinois |
| February 20, 2006 |
Source: Used with permission of McDonald’s Corporation. 2005 Annual Report, © McDonald’s Corporation, 2005.
This section typically consists of the following paragraphs:
Paragraph 1. Indicates that this annual report has been audited, and distinguishes between the respective responsibilities of the company management (to prepare these financial reports) and the auditing firm (to audit them).
Paragraph 2. The Scope section indicates that auditors’ examination was performed in accordance with GAAP.
Paragraph 3. The Opinion section describes the results of auditors’ examination, that is, auditors’ opinion that financial statements have been prepared in accordance with GAAP.
Paragraph 4 (may or may not appear). Discusses any accounting methods that have not been consistent across different periods.