CVS 2004 Annual Report Download - page 49
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Please find page 49 of the 2004 CVS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.THE BOARD OF DIRECTORS AND SHAREHOLDERS
CVS CORPORATION
We have audited the accompanying consolidated balance sheets of CVS Corporation and subsidiaries as of January 1, 2005 and
January 3, 2004, and the related consolidated statements of operations, shareholders’ equity and cash flows for the fifty-two week
period ended January 1, 2005, the fifty-three week period ended January 3, 2004 and the fifty-two week period ended December 28,
2002. 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 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of
CVS Corporation and subsidiaries as of January 1, 2005 and January 3, 2004, and the results of their operations and their cash flows
for the fifty-two week period ended January 1, 2005, the fifty-three week period ended January 3, 2004 and the fifty-two week period
ended December 28, 2002, in conformity with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the Public Company Accounting Oversight Board (United States), the effectiveness of
CVS Corporation’s internal control over financial reporting as of January 1, 2005, based on criteria established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report
dated March 8, 2005 expressed an unqualified opinion on management’s assessment of, and the effective operation of, internal control
over financial reporting.
KPMG LLP
Providence, Rhode Island
March 8, 2005
Report of Independent Registered Public Accounting Firm
CVS Corporation 2004 Annual Report |47