CVS 2011 Annual Report Download - page 81

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Consolidated Balance Sheets
CVS CAREMARK 79 2011 ANNUAL REPORT
Report of Independent Registered Public Accounting Firm
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,
2011 and 2010, and the related consolidated statements of income, shareholders’ equity, and cash flows for each
of the three years in the period ended December 31, 2011. 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 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 support-
ing 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, 2011 and 2010, and the consolidated results of its operations
and its cash flows for each of the three years in the period ended December 31, 2011, in conformity with U.S. generally
accepted accounting principles.
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, 2011, based on crite-
ria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated February 17, 2012 expressed an unqualified opinion thereon.
Boston, Massachusetts
February 17, 2012
127087_Financial.indd 79 3/12/12 12:23 PM