CVS 2005 Annual Report Download - page 47

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45
CVS CORPORATION 2005 ANNUAL REPORT
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
CVS Corporation
We have audited the accompanying consolidated balance sheets of CVS Corporation and subsidiaries
as of December 31, 2005 and January 1, 2005, and the related consolidated statements of operations,
shareholders’ equity and cash flows for the fifty-two week periods ended December 31, 2005 and January
1, 2005 and the fifty-three week period ended January 3, 2004. 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 December 31, 2005 and January 1, 2005,
and the results of their operations and their cash flows for the fifty-two week periods ended December 31,
2005 and January 1, 2005, and the fifty-three week period ended January 3, 2004, in conformity with
accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of CVS 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 (COSO), and our report dated
March 14, 2006 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 14, 2006