Telus 2010 Annual Report Download - page 118

114 . TELUS 2010 annual report
In making those risk assessments, the auditor considers internal control
relevant to the entity’s preparation and fair presentation of the consoli-
dated financial statements in order to design audit procedures that
are appropriate in the circumstances. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained in our audits
is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in
all material respects, the financial position of TELUS Corporation and
subsidiaries as at December 31, 2010 and 2009, and the results of their
operations and their cash flows for each of the years then ended in
accordance with Canadian generally accepted accounting principles.
Other Matter
We have also audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the Company’s
internal control over financial reporting as at December 31, 2010, based
on the criteria established in Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated February 24, 2011, expressed an unquali-
fied opinion on the Company’s internal control over financial reporting.
Deloitte & Touche LLP
Independent Registered Chartered Accountants
Vancouver, Canada
February 24, 2011
To the Board of Directors and Shareholders of TELUS Corporation
We have audited the accompanying consolidated financial statements
of TELUS Corporation and subsidiaries (the Company), which comprise
the consolidated statement of financial position as at December 31, 2010
and 2009, and the consolidated statements of income and other com-
prehensive income, changes in owners’ equity and cash flows for the
years then ended, and a summary of significant accounting policies and
other explanatory information.
Management’s Responsibility for the Consolidated
Financial Statements
Management is responsible for the preparation and fair presentation
of these consolidated financial statements in accordance with Canadian
generally accepted accounting principles, and for such internal control
as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated
financial statements based on our audits. We conducted our audits in
accordance with Canadian generally accepted auditing standards and
the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated financial state-
ments. The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement of
the consolidated financial statements, whether due to fraud or error.
may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
Based on this assessment, management has determined that the
Company’s internal control over financial reporting is effective as of
December 31, 2010. In connection with this assessment, no material
weaknesses in the Company’s internal control over financial reporting
were identified by management as of December 31, 2010.
Deloitte & Touche LLP, the Company’s Independent Registered
Chartered Accountants, audited the Company’s Consolidated financial
statements for the year ended December 31, 2010, and as stated in the
Report of Independent Registered Chartered Accountants, they have
expressed an unqualified opinion on the effectiveness of the Company’s
internal control over financial reporting as of December 31, 2010.
Robert G. McFarlane Darren Entwistle
Executive Vice-President President
and Chief Financial Officer and Chief Executive Officer
February 24, 2011 February 24, 2011
Management of TELUS Corporation (TELUS) is responsible for
establishing and maintaining adequate internal control over financial
reporting and for its assessment of the effectiveness of internal
control over financial reporting.
TELUS’ Chief Executive Officer and Chief Financial Officer have
assessed the effectiveness of the Company’s internal control over finan-
cial reporting as of December 31, 2010, in accordance with the criteria
established in Internal Control – Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Internal control over financial reporting is a process designed by,
or under the supervision of, the President and Chief Executive Officer
(CEO) and the Executive Vice-President and Chief Financial Officer (CFO)
and effected by the Board of Directors, management and other personnel
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles.
Due to its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements on a timely basis. Also, pro-
jections of any evaluation of the effectiveness of internal control over
financial reporting to future periods are subject to the risk that the controls
REPORT OF MANAGEMENT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
REPORT OF INDEPENDENT REGISTERED
CHARTERED ACCOUNTANTS