International Paper 2014 Annual Report Download - page 80

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44
REPORT OF DELOITTE & TOUCHE LLP,
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM, ON CONSOLIDATED
FINANCIAL STATEMENTS
To the Board of Directors and Shareholders of
International Paper Company:
We have audited the accompanying consolidated
balance sheets of International Paper Company and
subsidiaries (the “Company”) as of December 31, 2014
and 2013, and the related consolidated statements of
operations, comprehensive income, changes in equity,
and cash flows for each of the three years in the period
ended December 31, 2014. Our audits also included
the financial statement schedule listed in the Index at
Item 15. These financial statements and the financial
statement schedule are the responsibility of the
Company's management. Our responsibility is to
express an opinion on the financial statements and the
financial statement schedule 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, such consolidated financial statements
present fairly, in all material respects, the financial
position of International Paper Company and
subsidiaries as of December 31, 2014 and 2013, and
the results of their operations and their cash flows for
each of the three years in the period ended December
31, 2014, in conformity with accounting principles
generally accepted in the United States of America.
Also, in our opinion, such financial statement schedule,
when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly,
in all material respects, the information set forth therein.
We have also audited, in accordance with the standards
of the Public Company Accounting Oversight Board
(United States), the Company's internal control over
financial reporting as of December 31, 2014, based on
the criteria established in Internal Control - Integrated
Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway
Commission and our report dated February 26, 2015
expressed an unqualified opinion on the Company's
internal control over financial reporting.
Memphis, Tennessee
February 26, 2015
REPORT OF DELOITTE & TOUCHE LLP,
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM, ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
To the Board of Directors and Shareholders of
International Paper Company:
We have audited the internal control over financial
reporting of International Paper Company and
subsidiaries (the "Company") as of December 31, 2014,
based on criteria established in Internal Control -
Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway
Commission. The Company's management is
responsible for maintaining effective internal control
over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting,
included in the accompanying Report of Management
on Internal Control over Financial Reporting. Our
responsibility is to express an opinion on the Company's
internal control over financial reporting based on our
audit.
We conducted our audit 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 effective internal control over
financial reporting was maintained in all material
respects. Our audit included obtaining an
understanding of internal control over financial
reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating
effectiveness of internal control based on the assessed
risk, and performing such other procedures as we
considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our
opinion.