US Cellular 2014 Annual Report Download - page 85

Download and view the complete annual report

Please find page 85 of the 2014 US Cellular annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

Management’s Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. U.S.
Cellular’s internal control over financial reporting is a process 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 of America
(‘‘GAAP’’). U.S. Cellular’s internal control over financial reporting includes those policies and procedures
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the issuer; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with
GAAP, and that receipts and expenditures of the issuer are being made only in accordance with
authorizations of management and, where required, the Board of Directors of the issuer; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the issuer’s assets that could have a material effect on the interim or annual consolidated
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of U.S. Cellular’s management, including its principal
executive officer and principal financial officer, U.S. Cellular conducted an evaluation of the effectiveness
of its internal control over financial reporting as of December 31, 2014, based on the criteria established
in the 2013 version of Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Management has concluded that U.S. Cellular
maintained effective internal control over financial reporting as of December 31, 2014 based on criteria
established in the 2013 version of Internal Control—Integrated Framework issued by the COSO.
The effectiveness of U.S. Cellular’s internal control over financial reporting as of December 31, 2014 has
been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as
stated in the firm’s report included herein.
/s/ Kenneth R. Meyers /s/ Steven T. Campbell
Kenneth R. Meyers Steven T. Campbell
President and Chief Executive Officer Executive Vice President—Finance, Chief Financial
(principal executive officer) Officer and Treasurer
(principal financial officer)
/s/ Douglas D. Shuma /s/ Kristin A. MacCarthy
Douglas D. Shuma Kristin A. MacCarthy
Chief Accounting Officer Vice President and Controller
(principal accounting officer)
77