America Online 2015 Annual Report Download - page 39

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
In our opinion, Verizon maintained, in all material respects, effective
internal control over financial reporting as of December31, 2015,
basedon the COSO criteria.
We also have audited, in accordance with the standards of the
PublicCompany Accounting Oversight Board (United States), the
consolidated balance sheets of Verizon as of December31, 2015 and
2014, and the related consolidated statements of income, comprehen-
sive income, cash flows and changes in equity for each of the three
years in the period ended December31, 2015 and our report dated
February23, 2016 expressed an unqualified opinion thereon.
Ernst & Young LLP
New York, New York
February23, 2016
Report of Independent Registered
Public Accounting Firm
To The Board of Directors and Shareowners of
Verizon Communications Inc.:
We have audited the accompanying consolidated balance sheets
of Verizon Communications Inc. and subsidiaries (Verizon) as of
December31, 2015 and 2014, and the related consolidated statements
of income, comprehensive income, cash flows and changes in equity
for each of the three years in the period ended December31, 2015.
These financial statements are the responsibility of Verizon’s man-
agement. Our responsibility is to express an opinion on these 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 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 eval-
uating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the consolidated financial position of Verizon
at December31, 2015 and 2014, and the consolidated results of its
operations and its cash flows for each of the three years in the period
ended December31, 2015, in conformity with U.S. generally accepted
accounting principles.
We also have audited, in accordance with the standards of the
PublicCompany Accounting Oversight Board (United States),
Verizon’s internal control over financial reporting as of December31,
2015, based on criteria established in Internal Control–Integrated
Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (2013 framework) and our report dated
February23, 2016 expressed an unqualified opinion thereon.
Ernst & Young LLP
New York, New York
February23, 2016
37Verizon Communications Inc. and Subsidiaries