AmerisourceBergen 2005 Annual Report Download - page 55

AmerisourceBergen Corporation 2005
-53-
Report of Independent Registered Public
Accounting Firm
The Board of Directors and Stockholders of
AmerisourceBergen Corporation
We have audited the accompanying consolidated balance sheets
of AmerisourceBergen Corporation and subsidiaries as of September
30, 2005 and 2004, and the related consolidated statements of
operations, changes in stockholders’ equity, and cash flows for
each of the three years in the period ended September 30, 2005.
These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these
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 financial statements referred to above
present fairly, in all material respects, the consolidated financial
position of AmerisourceBergen Corporation and subsidiaries at
September 30, 2005 and 2004, and the consolidated results of their
operations and their cash flows for each of the three years in the
period ended September 30, 2005, in conformity with U.S. generally
accepted accounting principles.
As discussed in Note 1 to the consolidated financial statements,
AmerisourceBergen Corporation changed its method of recognizing
cash discounts effective at the beginning of fiscal year 2005.
We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the
effectiveness of AmerisourceBergen Corporation’s internal control
over financial reporting as of September 30, 2005, based on criteria
established in Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission
and our report dated December 8, 2005 expressed an unqualified
opinion thereon.
Philadelphia, Pennsylvania
December 8, 2005
Management’s Report on Internal Control Over
Financial Reporting
The management of AmerisourceBergen Corporation
(“AmerisourceBergen” or the “Company”) is responsible for establishing
andmaintaining adequate internal control over financial reporting
as defined in Rules 13a-15(f) and 15d-15(f) under the Securities
Exchange Act of 1934, as amended. AmerisourceBergen’s internal
control over financial reporting is designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. The
Company’s internal control over financial reporting includes those
policies andprocedures that:
(i) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions ofthe assets of the Company;
(ii) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements
in accordance with U.S. generally accepted accounting
principles, and that receipts and expenditures of the
company are being made only in accordance with authoriza-
tions of management and directors of the Company; and
(iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
thecompany’s assets that could have a material effect on
the financial statements.
Because ofinherentlimitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections
ofanyevaluation ofeffectiveness to futureperiods are subject to
risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
AmerisourceBergen’s management assessed the effectiveness of
AmerisourceBergen’s internal control over financial reporting as of
September 30, 2005. In making this assessment, management used the
criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) in Internal Control-Integrated Framework.
Based on management’s assessment and those criteria, management
has concluded that AmerisourceBergen’s internal control over financial
reporting was effective as of September 30, 2005. AmerisourceBergen’s
independent registered public accounting firm, Ernst & Young LLP, has
issued an audit report on management’s assessment and the effective-
ness of AmerisourceBergen’s internal control over financial reporting.
This report is set forth on the next page.