Citibank 2009 Annual Report Download - page 126

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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
is designed to provide reasonable assurance to management and the 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 Citigroup’s internal
control over financial reporting as of December 31, 2009 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, 2009,
Citigroup’s internal control over financial reporting is effective.
The effectiveness of Citigroup’s internal control over financial reporting
as of December 31, 2009 has been audited by KPMG LLP, Citigroup’s
independent registered public accounting firm, as stated in their report below,
which expressed an unqualified opinion on the effectiveness of Citigroup’s
internal control over financial reporting as of December 31, 2009.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING