2010 10-K: Part II Item 8. Financial Statements and Supplementary Data Report Of Independent Registered Public Accounting Firm The Board of Directors and Shareholders  Morningstar, Inc. We also have audited, in accordance with the standards of the  Public Company Accounting Oversight Board (United States),  Morningstar, Inc.’s and subsidiaries internal control over financial  reporting as of December 31, 2010, 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 28, 2011, expressed an unqualified opinion thereon. /s/ Ernst & Young LLP Chicago, IL February 28, 2011 We have audited the accompanying consolidated balance sheets  of Morningstar, Inc. and subsidiaries as of December 31, 2010 and  2009, and the related consolidated statements of income, equity  and comprehensive income (loss), and cash flows for each of the  three years in the period ended December 31, 2010. Our audits also  included the financial statement schedule presented in Item 15(a).  These financial statements and schedule are the responsibility of the  Company’s management. Our responsibility is to express an opinion  on these financial statements and schedule 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 account- ing 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 Morningstar, Inc. and subsidiaries as of December 31, 2010 and  2009, and the consolidated results of their operations and their cash  flows for each of the three years in the period ended December 31,  2010, in conformity with U.S. generally accepted accounting prin- ciples. Also, in our opinion, the related financial statement schedule,  when considered in relation to the basic consolidated financial  statements taken as a whole, presents fairly in all material respects  the information set forth therein. 98