Telus 2011 Annual Report Download - page 109

TELUS 2011 ANNUAL REPORT . 105
FINANCIAL STATEMENTS & NOTES
REPORT OF INDEPENDENT REGISTERED
CHARTERED ACCOUNTANTS
To the Board of Directors and Shareholders of TELUS Corporation
We have audited the internal control over financial reporting of TELUS
Corporation and subsidiaries (the Company) as of December 31, 2011,
based on the criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission. The Company’s management is responsible
for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Report of Management on
Internal Control over Financial Reporting. Our responsibility is to express
an opinion on the Company’s internal control over financial reporting
based on our audit.
We conducted our audit 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 assur ance
about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an under-
standing of internal control over financial reporting, assessing the risk
that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk,
and performing such other procedures as we considered necessary in
the circumstances. We believe that our audit provides a reasonable basis
for our opinion.
A company’s internal control over financial reporting is a process
designed by, or under the supervision of, the company’s principal
executive and principal financial officers, or persons performing similar
functions, and effected by the company’s board of directors, manage-
ment, 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. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detec-
tion of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of the inherent limitations of internal control over financial
reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may
not be prevented or detected on a timely basis. Also, projections of
any evaluation of the effectiveness of the internal control over financial
reporting to future periods are subject to the risk that the 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, the Company maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2011,
based on the criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission.
We have also audited, in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company
Accounting Oversight Board (United States), the consolidated financial
statements as at and for the year ended December 31, 2011, of
the Company and our report dated February 23, 2012, expressed
an unqualified opinion on those financial statements.
Deloitte & Touche LLP
Independent Registered Chartered Accountants
Vancouver, Canada
February 23, 2012