Cigna 2011 Annual Report Download - page 145

123CIGNA CORPORATION2011 Form10K
PART II
ITEM 8 Report of Independent Registered Public Accounting Firm
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 ows present fairly, in all material
respects, the nancial position of Cigna Corporation and its subsidiaries
(“the Company”) at December31,2011 and December31,2010, and the
results of their operations and their cash ows for each of the three years
in the period ended December31,2011 in conformity with accounting
principles generally accepted in the UnitedStates of America. Also in
our opinion, the Company maintained, in all material respects, eective
internal control over nancial reporting as of December31,2011,
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 nancial statements, for maintaining eective internal control
over nancial reporting and for its assessment of the eectiveness of
internal control over nancial reporting, included in Management’s
Annual Report on Internal Control over Financial Reporting. Our
responsibility is to express opinions on these nancial statements and
on the Company’s internal control over 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 nancial
statements are free of material misstatement and whether eective
internal control over nancial reporting was maintained in all material
respects. Our audits of the nancial statements included examining,
on a test basis, evidence supporting the amounts and disclosures in
the nancial statements, assessing the accounting principles used and
signicant estimates made by management, and evaluating the overall
nancial statement presentation. Our audit of internal control over
nancial reporting included obtaining an understanding of internal
control over nancial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating
e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 nancial reporting is a process designed
to provide reasonable assurance regarding the reliability of nancial
reporting and the preparation of nancial statements for external
purposes in accordance with generally accepted accounting principles.
A company’s internal control over nancial reporting includes those
policies and procedures that (i)pertain to the maintenance of records
that, in reasonable detail, accurately and fairly re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 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
eect on the nancial statements.
Because of its inherent limitations, internal control over nancial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of e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23,2012
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