CVS 1999 Annual Report Download - page 21

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19
Independent Auditors’ Report
Board of Directors and Shareholders
CVS Corporation:
We have audited the accompanying consolidated balance sheets of CVS Corporation and subsidiaries as of January 1, 2000
and December 26, 1998, and the related consolidated statements of operations, shareholders’ equity, and cash flows for the
fifty-three week period ended January 1, 2000 and the fifty-two week periods ended December 26, 1998 and December 27,
1997. 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 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 consolidated financial statements referred to above present fairly, in all material respects, the financial
position of CVS Corporation and subsidiaries as of January 1, 2000 and December 26, 1998, and the results of their operations
and their cash flows for the fifty-three week period ended January 1, 2000 and the fifty-two week periods ended December
26, 1998 and December 27, 1997, in conformity with generally accepted accounting principles.
KPMG LLP
Providence, Rhode Island
February 7, 2000