CVS 2010 Annual Report Download - page 79

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The Board of Directors and Shareholders
CVS Caremark Corporation
We have audited the accompanying consolidated balance sheets of CVS Caremark Corporation as of December 31, 2010 and
2009, and the related consolidated statements of income, shareholders’ equity, and cash flows for each of the three years in
the period ended December 31, 2010. These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing 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 financial statements referred to above present fairly, in all material respects, the consolidated financial
position of CVS Caremark Corporation at December 31, 2010 and 2009, and the consolidated results of its operations and
its cash flows for each of the three years in the period ended December 31, 2010, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 1 to the consolidated financial statements, effective January 1, 2009 CVS Caremark Corporation adopted
ASC 805, Business Combinations (formerly Statement of Financial Accounting Standards No. 141(R), Business Combinations).
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 31, 2010, 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 18, 2011 expressed an unqualified opinion thereon.
Boston, Massachusetts
February 18, 2011
Report of Independent Registered Public Accounting Firm
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