CVS 2008 Annual Report Download - page 42

38 CVS CAREMARK
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
CVS Caremark Corporation
We have audited CVS Caremark Corporation’s internal control over fi nancial reporting as of December 31, 2008, based on criteria
established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (the COSO criteria). CVS Caremark Corporation’s management is responsible for maintaining effective internal control over
fi nancial reporting, and for its assessment of the effectiveness of internal control over fi nancial reporting included in the accompanying
Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s
internal control over fi nancial reporting 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 effective internal control over fi nan-
cial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over fi nancial
reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over fi nancial reporting is a process designed to provide reasonable assurance regarding the reliability of
fi nancial reporting and the preparation of fi nancial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over fi nancial reporting includes those policies and procedures that (1) pertain to the mainte-
nance of records that, in reasonable detail, accurately and fairly refl ect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of fi nancial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material
effect on the fi nancial statements.
Because of its inherent limitations, internal control over fi nancial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, CVS Caremark Corporation maintained, in all material respects, effective internal control over fi nancial reporting as of
December 31, 2008, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
consolidated balance sheet of CVS Caremark Corporation as of December 31, 2008 and the related consolidated statements of
operations, shareholders’ equity and cash fl ows for the fi scal year ended December 31, 2008 and our report dated February 26,
2009 expressed an unqualifi ed opinion thereon.
Boston, Massachusetts
February 26, 2009