Frontier Communications 2004 Annual Report Download - page 37

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
35
Disclosure of limitations of sensitivity analysis
Certain shortcomings are inherent in the method of analysis presented in the computation of fair value of financial
instruments. Actual values may differ from those presented should market conditions vary from assumptions used in the
calculation of the fair value. This analysis incorporates only those exposures that exist as of December 31, 2004. It does not
consider those exposures or positions which could arise after that date. As a result, our ultimate exposure with respect to our
market risks will depend on the exposures that arise during the period and the fluctuation of interest rates and quoted market
prices.
Item 8. Financial Statements and Supplementary Data
The following documents are filed as part of this Report:
1. Financial Statements, See Index on page F-1.
2. Supplementary Data, Quarterly Financial Data is included in the Financial Statements (see 1. above).
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None
Item 9A. Controls and Procedures
(i) Disclosure Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of our management including our principal
executive officer and principal financial officer, regarding the effectiveness of the design and operation of our disclosure
controls and procedures. Based upon this evaluation, our principal executive officer and principal financial officer
concluded, as of the end of the period covered by this report, December 31, 2004, that our disclosure controls and
procedures are effective.
(ii) Internal Control Over Financial Reporting
(a) Management’s annual report on internal control over financial reporting
Our management report on internal control over financial reporting appears on page F-2 and is incorporated by reference.
(b) Attestation report of registered public accounting firm
The attestation report of KPMG LLP, our independent registered public accounting firm, on management’s assessment of
the effectiveness of our internal control over financial reporting appears on page F-3 and is incorporated by reference.
(c) Changes in internal control over financial reporting
We reviewed our internal control over financial reporting at December 31, 2004. During the fourth quarter of 2004, we
engaged the tax consulting services of PricewaterhouseCoopers, LLP to supplement our internal tax staff and enhance
our internal controls over income tax accounting. We made no other change in our internal control over financial
reporting during the last fiscal quarter of 2004 that materially affected or is reasonably likely to materially affect our
internal control over financial reporting.
Item 9B. Other Information
None
PART III
Item 10. Directors and Executive Officers of the Registrant
The information required by this Item is incorporated by reference from our definitive proxy statement for the 2005 Annual
Meeting of Stockholders to be filed with the Commission pursuant to Regulation 14A within 120 days after December 31, 2004.
See “Executive Officers of the Registrant” in Part I of this Report following Item 4 for information relating to executive officers.