US Cellular 2015 Annual Report Download - page 117

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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. TDS’ 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’’). TDS’ 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 TDS’ management, including its principal executive officer and
principal financial officer, TDS conducted an evaluation of the effectiveness of its internal control over financial reporting
as of December 31, 2015, 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 TDS maintained effective internal control over financial reporting as of December 31, 2015 based on
criteria established in the 2013 version of Internal Control — Integrated Framework issued by the COSO.
The effectiveness of TDS’ internal control over financial reporting as of December 31, 2015 has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in the firm’s report included
herein.
/s/ LeRoy T. Carlson, Jr. /s/ Douglas D. Shuma
LeRoy T. Carlson, Jr. Douglas D. Shuma
President and Senior Vice President - Finance and
Chief Executive Officer Chief Accounting Officer
(principal executive officer) (principal financial officer and principal
accounting officer)
109
REPORTS OF MANAGEMENT
Management’s Report on Internal Control Over Financial Reporting