To answer the questions that follow, refer to “Management’s Report on Internal Control over Financial Reporting” and the “Report of Independent Registered Public Accounting Firm” in CVS’s annual report in the Supplement to Chapter 16.
1. What is management’s responsibility with regard to internal control over financial reporting?
2. What is management’s conclusion regarding its assessment of internal control over financial reporting?
3. Does CVS’s auditor agree with management’s assessment?
4. What does the auditor say about the limitations or risks associated with internal control?