Goldman Sachs 2012 Annual Report Download - page 107

Management’s Report on Internal Control over Financial Reporting
Management of The Goldman Sachs Group, Inc., together
with its consolidated subsidiaries (the firm), is responsible
for establishing and maintaining adequate internal control
over financial reporting. The firm’s internal control over
financial reporting is a process designed under the
supervision of the firm’s principal executive and principal
financial officers to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
the firm’s financial statements for external reporting
purposes in accordance with U.S. generally accepted
accounting principles.
As of December 31, 2012, management conducted an
assessment of the firm’s internal control over financial
reporting based on the framework established in Internal
Control — Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission
(COSO). Based on this assessment, management has
determined that the firm’s internal control over financial
reporting as of December 31, 2012 was effective.
Our internal control over financial reporting includes
policies and procedures that pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
reflect transactions and dispositions of assets; provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with U.S. generally accepted accounting
principles, and that receipts and expenditures are being
made only in accordance with authorizations of
management and the directors of the firm; and provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
the firm’s assets that could have a material effect on our
financial statements.
The firm’s internal control over financial reporting as of
December 31, 2012 has been audited by
PricewaterhouseCoopers LLP, an independent registered
public accounting firm, as stated in their report
appearing on page 106, which expresses an unqualified
opinion on the effectiveness of the firm’s internal control
over financial reporting as of December 31, 2012.
Goldman Sachs 2012 Annual Report 105