Verizon Wireless 2006 Annual Report Download - page 42

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We, the management of Verizon Communications Inc., are respon-
sible for establishing and maintaining adequate internal control over
financial reporting of the company. Management has evaluated
internal control over financial reporting of the company using the
criteria for effective internal control established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
Management has assessed the effectiveness of the company’s
internal control over financial reporting as of December 31, 2006.
Based on this assessment, we believe that the internal control over
financial reporting of the company is effective as of December 31,
2006. In connection with this assessment, there were no material
weaknesses in the company’s internal control over financial
reporting identified by management.
The company’s financial statements included in this annual report
have been audited by Ernst & Young LLP, independent registered
public accounting firm. Ernst & Young LLP has also issued an attes-
tation report on management’s assessment of the company’s
internal control over financial reporting.
Ivan G. Seidenberg
Chairman and Chief Executive Officer
Doreen A. Toben
Executive Vice President and Chief Financial Officer
Thomas A. Bartlett
Senior Vice President and Controller
Report of Management
on Internal Control Over Financial Reporting
Report of Independent Registered Public Accounting
Firm on Internal Control Over Financial Reporting
To The Board of Directors and Shareowners of
Verizon Communications Inc.:
We have audited management’s assessment, included in the
accompanying Report of Management on Internal Control Over
Financial Reporting, that Verizon Communications Inc. and sub-
sidiaries (Verizon) maintained effective internal control over financial
reporting as of December 31, 2006, based on criteria established in
Internal Control—Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (the COSO
criteria). Verizon’s management is responsible for maintaining effec-
tive internal control over financial reporting and for its assessment of
the effectiveness of internal control over financial reporting. Our
responsibility is to express an opinion on management’s assessment
and an opinion on the effectiveness of the company’s internal con-
trol over financial reporting based on our audit.
We conducted our audit 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 effective internal con-
trol over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control
over financial reporting, evaluating management’s assessment,
testing and evaluating the design and operating effectiveness of
internal control, and performing such other procedures as we con-
sidered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted
accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial state-
ments in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assur-
ance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company’s assets that could
have a material effect on the financial statements.
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES