US Cellular 2008 Annual Report Download - page 36

AUDIT COMMITTEE REPORT
This report is submitted by the current members of the Audit Committee of the board of directors of
U.S. Cellular identified below. The Audit Committee operates under a written charter adopted by the
U.S. Cellular board of directors, a copy of which is available on U.S. Cellular’s web site,
www.uscellular.com, under About Us—Investor Relations—Corporate Governance—Audit Comm. Charter.
Management is responsible for U.S. Cellular’s internal controls and the financial reporting process.
U.S. Cellular utilizes services from the TDS internal audit staff, which performs testing of internal controls
and the financial reporting process. U.S. Cellular’s independent registered public accounting firm is
responsible for performing an independent audit of U.S. Cellular’s consolidated financial statements in
accordance with auditing standards generally accepted in the United States of America, and issuing a
report thereon. The Audit Committee’s responsibility is to monitor and oversee these processes.
In this context, the Audit Committee held meetings with management, the TDS internal audit staff
and representatives of PricewaterhouseCoopers LLP, U.S. Cellular’s independent registered public
accounting firm for 2008. In these meetings, the Audit Committee reviewed and discussed the audited
financial statements as of and for the year ended December 31, 2008. Management represented to the
Audit Committee that U.S. Cellular’s consolidated financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America, and the Audit Committee has
reviewed and discussed the consolidated financial statements with management and representatives of
PricewaterhouseCoopers LLP.
The discussions with PricewaterhouseCoopers LLP also included the matters required to be
discussed by Statement on Auditing Standards No. 61, Communication with Audit Committees, as
amended, relating to information regarding the scope and results of the audit. The Audit Committee also
received from PricewaterhouseCoopers LLP written disclosures and a letter regarding its independence
as required by applicable requirements of the Public Company Accounting Oversight Board regarding
the independent accountant’s communications with the audit committee concerning independence, and
this information was discussed with PricewaterhouseCoopers LLP.
Based on and in reliance upon these reviews and discussions, the Audit Committee recommended
to the board of directors that the audited financial statements as of and for the year ended December 31,
2008 be included in U.S. Cellular’s Annual Report on Form 10-K for the year ended December 31, 2008.
By the members of the Audit Committee of the board of directors of U.S. Cellular:
J. Samuel Crowley Paul-Henri Denuit Harry J. Harczak, Jr.
Chairperson
29