Coincidentally, both of the companies under consideration utilize the service of a single auditing firm Ernst and Young LLP.
Ernst and Young LLP prides itself in being a "global leader in assurance, tax, transaction, and advisory services (Ernst and Young 2008)" having the overall aim of extending a "positive impact on businesses and markets, as well as on society as a whole" (Ernst and Young 2008). With this commitment for excellence, it currently employs a pool of 130,000 professionals with diverse background and specialties each contributing to the success of the business organization. As an auditing firm, it maintains high standard in its undertaking and promotes overall transparency in financial reporting (Ernst and Young 2008). With the growth of financial fiascos and controversies involving huge corporations like Enron, Ernst and Young upholds its integrity in the market through its dedication to high ethical standards in its operations (Ernst and Young 2008).
The annual reports of AT&T and Verizon both comprise four important financial statements each highlighting different aspects which give users of these information a thorough knowledge on their financial standing.