International Paper 2012 Annual Report Download - page 72

REPORT OF DELOITTE & TOUCHE LLP,
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM, ON CONSOLIDATED
FINANCIAL STATEMENTS
To the Board of Directors and Shareholders of Inter-
national Paper Company:
We have audited the accompanying consolidated
balance sheets of International Paper Company and
subsidiaries (the “Company”) as of December 31,
2012 and 2011, and the related consolidated state-
ments of operations, comprehensive income,
changes in equity, and cash flows for each of the
three years in the period ended December 31, 2012.
Our audits also included the financial statement
schedule listed in the Index at Item 15(a)(2). These
financial statements and the financial statement
schedule are the responsibility of the Company’s
management. Our responsibility is to express an
opinion on these financial statements and the finan-
cial statement schedule based on our audits.
We conducted our audits in accordance with the
standards of the Public Company Accounting Over-
sight 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 assess-
ing the accounting principles used and significant
estimates made by management, as well as evaluat-
ing the overall financial statement presentation. We
believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such consolidated financial state-
ments present fairly, in all material respects, the
financial position of International Paper Company
and subsidiaries as of December 31, 2012 and 2011,
and the results of their operations and their cash
flows for each of the three years in the period ended
December 31, 2012, in conformity with accounting
principles generally accepted in the United States of
America. Also, in our opinion, such financial state-
ment 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 stan-
dards of the Public Company Accounting Oversight
Board (United States), the Company’s internal con-
trol over financial reporting as of December 31, 2012,
based on the criteria established in Internal Control—
Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway
Commission, and our report dated February 26,
2013, expressed an unqualified opinion on the
Company’s internal control over financial reporting.
Memphis, Tennessee
February 26, 2013
REPORT OF DELOITTE & TOUCHE LLP,
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM, ON INTERNAL
CONTROL OVER FINANCIAL REPORTING
To the Board of Directors and Shareholders of Inter-
national Paper Company:
We have audited the internal control over financial
reporting of International Paper Company and sub-
sidiaries (the “Company”) as of December 31, 2012,
based on criteria established in Internal Control —
Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway
Commission. As described in the Report of
Management on Internal Control Over Financial
Reporting, management excluded from its assess-
ment the internal control over financial reporting at
Temple-Inland Inc. (Temple-Inland) which was
acquired on February 13, 2012. Temple-Inland con-
stitutes 19% of total net sales and 25% of total assets
of the consolidated financial statements as of and for
the year ended December 31, 2012. Accordingly our
audit did not include internal control over financial
reporting at Temple-Inland. 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 accompany-
ing Report of Management on Internal Controls 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 stan-
dards 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 weak-
ness 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
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