Verizon Wireless 2014 Annual Report Download - page 38

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VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
We, the management of Verizon Communications Inc., are responsible
for establishing and maintaining adequate internal control over nancial
reporting of the company. Management has evaluated internal control
over nancial reporting of the company using the criteria for eective
internal control established in Internal Control–Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway
Commission in 2013.
Management has assessed the eectiveness of the company’s internal
control over nancial reporting as of December 31, 2014. Based on this
assessment, we believe that the internal control over nancial reporting
of the company is eective as of December 31, 2014. In connection with
this assessment, there were no material weaknesses in the company’s
internal control over nancial reporting identied by management.
The company’s financial statements included in this Annual Report
have been audited by Ernst & Young LLP, independent registered public
accounting rm. Ernst & Young LLP has also provided an attestation
report on the company’s internal control over nancial reporting.
Lowell C. McAdam
Chairman and Chief Executive Ocer
Francis J. Shammo
Executive Vice President and Chief Financial Ocer
Anthony T. Skiadas
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 Verizon Communications Inc. and subsidiaries’ (Verizon)
internal control over financial reporting as of December 31, 2014,
based on criteria established in Internal Control–Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway
Commission (2013 framework) (the COSO criteria). Verizon’s manage-
ment is responsible for maintaining effective internal control over
nancial reporting, and for its assessment of the eectiveness of internal
control over nancial reporting included in the accompanying Report of
Management on Internal Control Over Financial Reporting. Our respon-
sibility is to express an opinion on the company’s internal control over
nancial 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 assur-
ance about whether eective internal control over nancial reporting
was maintained in all material respects. Our audit included obtaining
an understanding of internal control over nancial reporting, assessing
the risk that a material weakness exists, testing and evaluating the design
and operating eectiveness of internal control based on the assessed
risk, and performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable
basis for our opinion.
A company’s internal control over nancial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of nancial statements for external pur-
poses in accordance with generally accepted accounting principles. A
company’s internal control over nancial reporting includes those poli-
cies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reect the transactions and
dispositions of the assets of the company; (2) provide reasonable assur-
ance that transactions are recorded as necessary to permit preparation of
nancial statements 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 direc-
tors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or dis-
position of the company’s assets that could have a material eect on the
nancial statements.