CVS 1998 Annual Report Download - page 23

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1998 Financial Report
21
Board of Directors and Shareholders
CVS Corporation:
We have audited the accompanying consolidated balance sheets of CVS Corporation and subsidiaries as of December 31,
1998 and 1997, and the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the
years in the three year period ended December 31, 1998. These consolidated financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstate-
ment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial state-
ments. 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 consolidated financial statements referred to above present fairly, in all material respects, the financial
position of CVS Corporation and subsidiaries as of December 31, 1998 and 1997, and the results of their operations and
their cash flows for each of the years in the three year period ended December 31, 1998, in conformity with generally
accepted accounting principles.
KPMG LLP
Providence, Rhode Island
January 27, 1999
Independent Auditors’ Report