CVS 2015 Annual Report Download - page 101

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2015 Annual Report 99
Report of Ernst & Young LLP, Independent Registered
Public Accounting Firm
The Board of Directors and Shareholders of CVS Health Corporation
We have audited the accompanying consolidated balance sheets of CVS Health Corporation as of December 31,
2015 and 2014, 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, 2015. 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 Health Corporation at December 31, 2015 and 2014, and the consolidated results of its
operations and its cash flows for each of the three years in the period ended December 31, 2015, 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 front store inventories in the Retail/LTC Segment effective January 1, 2015.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), CVS Health Corporation’s internal control over financial reporting as of December 31, 2015,
based on criteria established in
Internal Control – Integrated Framework
issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework) and our report dated February 9, 2016 expressed
an unqualified opinion thereon.
Boston, Massachusetts
February 9, 2016