Comcast 2015 Annual Report Download - page 77

Report of Management
Management’s Report on Comcast’s Financial Statements
Our management is responsible for the preparation, integrity and fair presentation of information in Comcast’s
consolidated financial statements, including estimates and judgments. The consolidated financial statements
presented in this report have been prepared in accordance with accounting principles generally accepted in
the United States. Our management believes the Comcast consolidated financial statements and other finan-
cial information included in this report fairly present, in all material respects, Comcast’s financial condition,
results of operations and cash flows as of and for the periods presented in this report. The Comcast con-
solidated financial statements have been audited by Deloitte & Touche LLP, an independent registered public
accounting firm, as stated in their report, which is included herein.
Management’s Report on Comcast’s Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining an adequate system of internal control over
financial reporting. Our system of internal control over financial reporting is designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with accounting principles generally accepted in the United States.
Our internal control over financial reporting includes those policies and procedures that:
• Pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect our transactions and dispositions of our assets.
• Provide reasonable assurance that our transactions are recorded as necessary to permit
preparation of our financial statements in accordance with accounting principles generally
accepted in the United States, and that our receipts and expenditures are being made
only in accordance with authorizations of our management and our directors.
• Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of our assets that could have a material
effect on the financial statements.
Because of its inherent limitations, a system of internal control over financial reporting can provide only rea-
sonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions,
effectiveness of internal control over financial reporting may vary over time. Our system contains self-
monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.
Our management conducted an evaluation of the effectiveness of the system of internal control over financial
reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Commit-
tee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management
concluded that Comcast’s system of internal control over financial reporting was effective as of
December 31, 2015. Our assessment of the effectiveness of internal control over financial reporting as of
December 31, 2015 did not include the internal controls of the Universal Studios Japan theme park, in which
NBCUniversal acquired a 51% interest on November 13, 2015, as permitted by Securities and Exchange
Commission guidelines that allow companies to exclude certain acquisitions from their assessment of internal
control over financial reporting during the first year of an acquisition. The total assets and total revenues of
Universal Studios Japan represented approximately 4% of our total assets as of December 31, 2015, and
less than 1% of our total revenues for the year ended December 31, 2015. The effectiveness of Comcast’s
internal controls over financial reporting of Comcast has been audited by Deloitte & Touche LLP, an
independent registered public accounting firm, as stated in their report, which is included herein.
Audit Committee Oversight
The Audit Committee of the Board of Directors, which is comprised solely of independent directors, has over-
sight responsibility for our financial reporting process and the audits of Comcast’s consolidated financial
statements and internal control over financial reporting. The Audit Committee meets regularly with manage-
ment and with our internal auditors and independent registered public accounting firm (collectively, the
“auditors”) to review matters related to the quality and integrity of our financial reporting, internal control over
financial reporting (including compliance matters related to our Code of Conduct), and the nature, extent, and
results of internal and external audits. Our auditors have full and free access and report directly to the Audit
Committee. The Audit Committee recommended, and the Board of Directors approved, that the Comcast
audited consolidated financial statements be included in this Form 10-K.
Brian L. Roberts Michael J. Cavanagh Lawrence J. Salva
Chairman and
Chief Executive Officer
Senior Executive Vice President and
Chief Financial Officer
Executive Vice President
and Chief Accounting
Officer
Comcast 2015 Annual Report on Form 10-K 74