Eli Lilly 2008 Annual Report Download - page 68

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FINANCIALS
66
Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Eli Lilly and Company
We have audited the accompanying consolidated balance sheets of Eli Lilly and Company and subsidiaries as of
December 31, 2008 and 2007, and the related consolidated statements of operations, cash fl ows, and comprehen-
sive income (loss) (page 16, pages 21 through 23, 33, and pages 36 through 64) for each of the three years in the
period ended December 31, 2008. These fi nancial statements are the responsibility of the company’s management.
Our responsibility is to express an opinion on these fi nancial 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 fi nancial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the
accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nan-
cial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the fi nancial statements referred to above present fairly, in all material respects, the consolidat-
ed fi nancial position of Eli Lilly and Company and subsidiaries at December 31, 2008 and 2007, and the consolidated
results of their operations and their cash fl ows for each of the three years in the period ended December 31, 2008, 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), Eli Lilly and Company and subsidiaries’ internal control over fi nancial reporting as of December 31,
2008, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsor-
ing Organizations of the Treadway Commission and our report dated February 16, 2009 expressed an unqualifi ed
opinion thereon.
As discussed in Note 12 to the fi nancial statements, in 2007 Eli Lilly and Company and subsidiaries adopted a
new accounting pronouncement for income taxes.
Indianapolis, Indiana
February 16, 2009