Cardinal Health 2011 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2011 Cardinal Health annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 122

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122

REP
O
RT
O
F INDEPENDENT RE
G
I
S
TERED P
U
BLI
C
A
CCOU
NTIN
G
FIR
M
To the
S
hareholders and the
Board o
f
D
i
rectors o
fC
ard
i
nal Health
,
Inc
.
We have audited the accompanying consolidated balance sheets of Cardinal Health, Inc. and subsidiaries (the
“Company”) as o
f
June 30, 2011 an
d
2010, an
d
t
h
ere
l
ate
d
conso
lid
ate
d
statements o
f
earn
i
ngs, s
h
are
h
o
ld
ers
’
equit
y
, and cash flows for each of the three
y
ears in the period ended June 30, 2011. Our audits also included the
f
inancial statement schedule listed in the Index at Item 1
5
(a)(2). These financial statements and schedule are the
respons
ibili
ty o
f
t
h
e Company’s management. Our respons
ibili
ty
i
s to express an op
i
n
i
on on t
h
ese
fi
nanc
i
a
l
statements and schedule based on our audits
.
We con
d
ucte
d
our au
di
ts
i
n accor
d
ance w
i
t
h
t
h
e stan
d
ar
d
so
f
t
h
ePu
bli
c Company Account
i
ng Overs
i
g
h
t Boar
d
(United States). Those standards re
q
uire that we
p
lan and
p
erform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis
,
ev
id
ence support
i
ng t
h
e amounts an
ddi
sc
l
osures
i
nt
h
e
fi
nanc
i
a
l
statements. An au
di
ta
l
so
i
nc
l
u
d
es assess
i
ng t
he
a
ccountin
g
principles used and si
g
nificant estimates made b
y
mana
g
ement, as well as evaluatin
g
the overal
l
f
inancial statement
p
resentation. We believe that our audits
p
rovide a reasonable basis for our o
p
inion
.
I
n our opinion, the financial statements referred to above present fairl
y
, in all material respects, the consolidate
d
f
inancial position of the Company at June 30, 2011 and 2010, and the consolidated results of their operations an
d
t
h
e
i
r cas
hfl
ows
f
or eac
h
o
f
t
h
et
h
ree years
i
nt
h
e per
i
o
d
en
d
e
d
June 30, 2011,
i
n con
f
orm
i
ty w
i
t
h
U.S. genera
lly
a
ccepted accountin
g
principles. Also, in our opinion, the related financial statement schedule, when considered i
n
relation to the basic financial statements taken as a whole, present fairly in all material respects the information
set
f
ort
h
t
h
ere
i
n
.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(Un
i
te
d
States), t
h
e Company’s
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng as o
f
June 30, 2011,
b
ase
d
on cr
i
ter
i
a
established in Internal Control-Inte
g
rated Framework issued b
y
the Committee of Sponsorin
g
Or
g
anizations o
f
the Treadway Commission and our report dated August 2
5
, 2011 expressed an unqualified opinion thereon
.
/
s
/
Ernst
&
Youn
g
LL
P
Ernst & Young LLP
C
o
l
um
b
us
,
O
hio
Au
g
ust 2
5
, 2011
39