Verizon Wireless 2014 Annual Report Download - page 39

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37
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, 2014 and 2013, and the related consolidated statements of income,
comprehensive income, cash ows and changes in equity for each of
the three years in the period ended December 31, 2014. These nancial
statements are the responsibility of Verizon’s management. Our respon-
sibility is to express an opinion on these nancial statements based on
our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those stan-
dards require that we plan and perform the audit to obtain reasonable
assurance about whether the nancial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the nancial statements. An
audit also includes assessing the accounting principles used and signi-
cant estimates made by management, as well as evaluating the overall
nancial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the nancial statements referred to above present fairly,
in all material respects, the consolidated nancial position of Verizon
at December 31, 2014 and 2013, and the consolidated results of its
operations and its cash ows for each of the three years in the period
ended December 31, 2014, 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 nancial reporting as of December 31, 2014, based on cri-
teria 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, 2015 expressed an
unqualied opinion thereon.
Ernst & Young LLP
New York, New York
February 23, 2015
Because of its inherent limitations, internal control over nancial reporting
may not prevent or detect misstatements. Also, projections of any evalu-
ation of eectiveness 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 nancial reporting as of December 31, 2014, 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, 2014 and 2013, and the
related consolidated statements of income, comprehensive income, cash
ows and changes in equity for each of the three years in the period
ended December 31, 2014 and our report dated February 23, 2015
expressed an unqualied opinion thereon.
Ernst & Young LLP
New York, New York
February 23, 2015
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM