Aetna 2006 Annual Report Download - page 92

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Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
Aetna Inc.:
We have audited the accompanying consolidated balance sheets of Aetna Inc. and subsidiaries as
of December 31, 2006 and 2005, and the related consolidated statements of income, shareholders’
equity and cash flows for each of the years in the three-year period ended December 31, 2006.
These consolidated financial statements are the responsibility of the Company’ s management.
Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Aetna Inc. and subsidiaries as of December 31, 2006
and 2005, and the results of their operations and their cash flows for each of the years in the
three-year period ended December 31, 2006, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 2 to the consolidated financial statements, effective January 1, 2006, the
Company adopted Statement of Financial Accounting Standards No. 123(R), “Share-Based
Payment” (FAS 123(R)). The Company elected to use the modified-retrospective approach of
adopting FAS 123(R) and, therefore, financial information for 2005 and 2004 has been adjusted.
Also, as discussed in Notes 2 and 12 to the consolidated financial statements, effective December
31, 2006, the Company adopted Statement of Financial Accounting Standards No. 158,
“Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans”.
We also have audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the effectiveness of Aetna Inc.’ s internal control over financial
reporting as of December 31, 2006, based on criteria established in Internal Control—Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treasdway Commission
(COSO), and our report dated February 26, 2007 expressed an unqualified opinion on
management’ s assessment of, and the effective operation of, internal control over financial
reporting.
February 26, 2007
KPMG LLP
One Financial Plaza
Hartford, CT 06103-4103
KPMG LLP, a U.S. limited liability partnership, is the U.S.
member firm of KPMG International, a Swiss cooperative.
Page 90