CVS 2012 Annual Report Download - page 89

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CVS CAREMARK 2012 ANNUAL REPORT
87
The Board of Directors and Shareholders of CVS Caremark Corporation
We have audited the accompanying consolidated balance sheets of CVS Caremark Corporation as of December 31, 2012
and 2011, and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash
flows for each of the three years in the period ended December 31, 2012. 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 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, 2012 and 2011, and the consolidated results of its operations and
its cash flows for each of the three years in the period ended December 31, 2012, in conformity with U.S. generally
accepted accounting principles.
As discussed in Note 2 to the consolidated financial statements, the Company has elected changes in its methods of
accounting for prescription drug inventories in the Retail Pharmacy Segment effective January 1, 2012.
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, 2012, 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 15, 2013 expressed an unqualified opinion thereon.
Boston, Massachusetts
February 15, 2013
Report of Independent Registered
Public Accounting Firm