Annual report - About TELUS

management’s report
Management is responsible to the Board of Directors for the preparation of the consolidated financial statements of the
Company and its subsidiaries. These statements have been prepared in accordance with generally accepted accounting
principles and necessarily include some amounts based on estimates and judgements. Financial information presented
elsewhere in this annual report is consistent with that in the consolidated financial statements.
The Company maintains a system of internal control which provides management with reasonable assurance that
assets are safeguarded and that reliable financial records are maintained. This system includes written policies and
procedures, an organizational structure that segregates duties and a comprehensive program of periodic audits by the
internal auditors. The Company has also instituted policies and guidelines which require employees to maintain the
highest ethical standards.
The external auditors of the Company, Arthur Andersen LLP, have been appointed by the shareholders to express
an opinion as to whether these consolidated financial statements present fairly the Company’s consolidated financial
position and operating results in accordance with generally accepted accounting principles. Their report follows.
The Board of Directors has reviewed and approved these consolidated financial statements. To assist the Board in meeting
its responsibility, it has appointed an audit committee which is composed entirely of outside directors. The committee
meets periodically with management, the internal auditors and the external auditors to review internal controls, audit results
and accounting principles and practices. The committee’s terms of reference are available, on request, to shareholders.
auditors’ report
To the Shareholders of TELUS Corporation
Robert McFarlane
Executive Vice-President
and Chief Financial Officer
We have audited the consolidated balance sheets of TELUS Corporation as of December 31, 2000 and 1999 and the
consolidated statements of income, retained earnings and cash flows for the years then ended. These consolidated
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
In our opinion, these financial statements present fairly, in all material respects, the financial position of the Company
as at December 31, 2000 and 1999 and the results of its operations and its cash flows for the years then ended in
accordance with Canadian generally accepted accounting principles. As required by the British Columbia Companies Act,
we report that, in our opinion, except for the change in the method of accounting for employee future benefits as
described in Note 3 to these financial statements, these principles have been applied on a consistent basis.
Arthur Andersen, LLP
Chartered Accountants
Vancouver, B.C.
February 2, 2001
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