Walgreens 2014 Annual Report Download - page 100

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS
To the Board of Directors and Shareholders of Walgreen Co.:
We have audited the accompanying consolidated balance sheets of Walgreen Co. and subsidiaries (the
“Company”) as of August 31, 2014 and 2013, and the related consolidated statements of earnings,
comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended
August 31, 2014. 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 did not audit the
financial statements of Alliance Boots GmbH (“Alliance Boots”), the Company’s investment in which is
accounted for by use of the equity method (see note 5 to the consolidated financial statements), for the years
ended August 31, 2014 and 2013. The accompanying 2014 and 2013 consolidated financial statements of the
Company include its equity investment in Alliance Boots of $7,248 million and $6,261 million as of August 31,
2014 and 2013, respectively, and its equity earnings in Alliance Boots of $617 million and $344 million for the
years ended August 31, 2014 and 2013, respectively. The financial statements of Alliance Boots as of and for the
year ended May 31, 2014 and for the ten months ended May 31, 2013, prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board, were audited by other
auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for
the Company’s equity investment and equity earnings in Alliance Boots, on the basis of International Financial
Reporting Standards as issued by the International Accounting Standards Board, is based on the report of the
other auditors. We have applied auditing procedures to the adjustments to reflect the Company’s equity
investment and equity earnings in Alliance Boots in accordance with accounting principles generally accepted in
the United States of America.
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 and the report of the other auditors provide a
reasonable basis for our opinion.
In our opinion, based on our audits and the report of the other auditors, such consolidated financial statements
present fairly, in all material respects, the financial position of Walgreen Co. and subsidiaries as of August 31,
2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period
ended August 31, 2014, in conformity with accounting principles generally accepted in the United States of
America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of August 31, 2014, based on the
criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated October 20, 2014 expressed an unqualified
opinion on the Company’s internal control over financial reporting based on our audit.
/s/ DELOITTE & TOUCHE LLP
Chicago, Illinois
October 20, 2014 (except for the Other Matters section of Note 1 as to which the date is November 3, 2014)