Citibank 2008 Annual Report Download - page 118

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING
The management of Citigroup is responsible for establishing and
maintaining adequate internal control over financial reporting (as defined
in Rule 13a-15(f) under the Exchange Act). Citigroup’s internal control
system was designed to provide reasonable assurance to the Company’s
management and Board of Directors regarding the preparation and fair
presentation of published financial statements in accordance with U.S.
generally accepted accounting principles. All internal control systems, no
matter how well designed, have inherent limitations. Therefore, even those
systems determined to be effective can provide only reasonable assurance
with respect to financial statement preparation and presentation.
Management maintains a comprehensive system of controls intended to
ensure that transactions are executed in accordance with management’s
authorization, assets are safeguarded, and financial records are reliable.
Management also takes steps to ensure that information and
communication flows are effective and to monitor performance, including
performance of internal control procedures.
Citigroup management assessed the effectiveness of the Company’s
internal control over financial reporting as of December 31, 2008 based on
the criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) in Internal Control-Integrated Framework.
Based on this assessment, management believes that, as of December 31,
2008, the Company’s internal control over financial reporting is effective.
The effectiveness of the Company’s internal control over financial
reporting as of December 31, 2008 has been audited by KPMG LLP, the
Company’s independent registered public accounting firm, as stated in their
report appearing on page 113, which expressed an unqualified opinion on
the effectiveness of the Company’s internal control over financial reporting
as of December 31, 2008.
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