CenturyLink 2015 Annual Report Download - page 145

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CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
CenturyLink, Inc.:
We have audited the accompanying consolidated balance sheets of CenturyLink, Inc. and subsidiaries (the
Company) as of December 31, 2015 and 2014, and the related consolidated statements of operations,
comprehensive income (loss), cash flows, and stockholders’ equity for each of the years in the three-year period
ended December 31, 2015. These consolidated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these 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 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 evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of the Company as of December 31, 2015 and 2014, and the results of their operations and
their cash flows for each of the years in the three-year period ended December 31, 2015, in conformity with U.S.
generally accepted accounting principles.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method of
accounting for debt issuance costs effective January 1, 2014 due to the adoption of FASB ASU 2015-03,
Simplifying the Presentation of Debt Issuance Costs. Additionally, as discussed in Note 1 to the consolidated
financial statements, the Company changed its method of accounting for deferred income taxes effective
January 1, 2014 due to the adoption of FASB ASU 2015-17, Balance Sheet Classification of Deferred Taxes.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2015, based on
criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO), and our report dated February 24, 2016 expressed an
unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
/s/ KPMG LLP
Shreveport, Louisiana
February 24, 2016
B-37