Cigna 2010 Annual Report Download - page 145

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CIGNA CORPORATION2010 Form 10K 125
PART II
ITEM 8 Financial Statements and Supplementary Data
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of CIGNA
Corporation
In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of income, comprehensive
income and changes in total equity and cash fl ows present fairly, in
all material respects, the fi nancial position of CIGNA Corporation
and its subsidiaries (“the Company”) at December 31, 2010 and
December 31, 2009, and the results of their operations and their cash
fl ows for each of the three years in the period ended December 31,
2010 in conformity with accounting principles generally accepted in
the United States of America. Also in our opinion, the Company
maintained, in all material respects, eff ective internal control over
fi nancial 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 (COSO).  e Company’s management is responsible for
these fi nancial statements, for maintaining eff ective internal control
over fi nancial reporting and for its assessment of the eff ectiveness of
internal control over fi nancial reporting, included in Management’s
Annual Report on Internal Control over Financial Reporting. Our
responsibility is to express opinions on these fi nancial statements and
on the Company’s internal control over fi nancial reporting based on
our integrated audits. We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board
(United States).  ose standards require that we plan and perform
the audits to obtain reasonable assurance about whether the fi nancial
statements are free of material misstatement and whether eff ective
internal control over fi nancial reporting was maintained in all material
respects. Our audits of the fi nancial statements included examining,
on a test basis, evidence supporting the amounts and disclosures in
the fi nancial statements, assessing the accounting principles used
and signifi cant estimates made by management, and evaluating
the overall fi nancial statement presentation. Our audit of internal
control over fi nancial reporting included obtaining an understanding
of internal control over fi nancial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and
operating eff ectiveness of internal control based on the assessed risk.
Our audits also included performing such other procedures as we
considered necessary in the circumstances. We believe that our audits
provide a reasonable basis for our opinions.
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 (i) pertain to the
maintenance of records that, in reasonable detail, accurately and
fairly refl ect the transactions and dispositions of the assets of the
company; (ii) 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 (iii) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of
the company’s assets that could have a material eff ect 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 eff ectiveness 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.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 25, 2011