CVS 2007 Annual Report Download - page 74

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70 I CVS Caremark

The Board of Directors and Shareholders
CVS Caremark Corporation
We have audited the accompanying consolidated balance sheet of CVS Caremark Corporation as of December 29, 2007, and the
related consolidated statements of operations, shareholders’ equity and cash flows for the fifty-two week period ended December 29,
2007. 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 audit.
We conducted our audit 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 audit provides a reasonable basis for our opinion.
In our opinion, the 2007 consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of CVS Caremark Corporation at December 29, 2007, and the consolidated results of its operations and its cash flows
for the fifty-two week period ended December 29, 2007, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 1 to the consolidated financial statements, effective December 31, 2006, CVS Caremark Corporation adopted
Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an interpretation
of FASB Statement No.109.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), CVS
Caremark Corporation’s internal control over financial reporting as of December 29, 2007, 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 25, 2008 expressed an unqualified opinion thereon.
Boston, Massachusetts
February 25, 2008