Walgreens 2015 Annual Report Download - page 127

To the Board of Alliance Boots GmbH:
We have audited the non-statutory consolidated financial statements of Alliance Boots GmbH and its subsidiaries
(the “Group”, not presented separately herein), which comprise the Group statements of financial position as at
31 May 2014 and 2013, and the related Group income statements, Group statements of comprehensive income,
Group statements of changes in equity and Group statements of cash flows for the year ended 31 May 2014 and
ten months ended 31 May 2013. These non-statutory consolidated financial statements are the responsibility of
the Group’s management. Our responsibility is to express an opinion on these non-statutory consolidated
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 non-statutory consolidated financial statements are free from material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the non-statutory
consolidated financial statements. An audit also includes assessing the accounting principles used and the
significant accounting estimates made by management, as well as evaluating the overall presentation of the non-
statutory consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the non-statutory consolidated financial statements present fairly, in all material respects, the
financial position of the Group as at 31 May 2014 and 2013, and the results of its operations and its cash flows
for the year ended 31 May 2014 and ten months ended 31 May 2013 in conformity with International Financial
Reporting Standards as issued by the International Accounting Standards Board, including the requirements of
IAS 34, Interim Financial Reporting.
/s/ KPMG LLP
London
United Kingdom
16 July 2014
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Management conducted an evaluation of the effectiveness of the design and operation of our disclosure controls
and procedures as of the end of the period covered by this Form 10-K. The controls evaluation was conducted
under the supervision and with the participation of the Company’s management, including its Chief Executive
Officer (CEO) and Chief Financial Officer (CFO). Upon completion of the Second Step Transaction on
December 31, 2014, Alliance Boots became a consolidated subsidiary and ceased being accounted for under the
equity method. As this occurred during fiscal 2015, the scope of management’s assessment of the effectiveness
of the Company’s disclosure controls and procedures did not include the internal controls over financial reporting
of Alliance Boots. This exclusion is in accordance with the SEC Staff’s general guidance that an assessment of a
recently acquired business may be omitted from the scope of management’s assessment for one year following
the acquisition. Based upon the controls evaluation, our CEO and CFO have concluded that, as of the end of the
period covered by this report, our disclosure controls and procedures were effective to provide reasonable
assurance that information required to be disclosed in our Exchange Act reports is recorded, processed,
summarized and reported within the time periods specified by the SEC, and that such information is accumulated
and communicated to management, including the CEO and CFO, as appropriate to allow timely decisions
regarding required disclosure.
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