JP Morgan Chase 2014 Annual Report Download - page 172

Management’s report on internal control over financial reporting
170 JPMorgan Chase & Co./2014 Annual Report
Management of JPMorgan Chase & Co. (“JPMorgan Chase”
or the “Firm”) is responsible for establishing and
maintaining adequate internal control over financial
reporting. Internal control over financial reporting is a
process designed by, or under the supervision of, the Firm’s
principal executive and principal financial officers, or
persons performing similar functions, and effected by
JPMorgan Chase’s Board of Directors, management and
other personnel, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance
with accounting principles generally accepted in the United
States of America.
JPMorgan Chase’s internal control over financial reporting
includes those policies and procedures that (1) pertain to
the maintenance of records, that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the Firm’s assets; (2) provide reasonable
assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance
with generally accepted accounting principles, and that
receipts and expenditures of the Firm are being made only
in accordance with authorizations of JPMorgan Chase’s
management and directors; and (3) 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 the financial
statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate. Management has
completed an assessment of the effectiveness of the Firm’s
internal control over financial reporting as of December 31,
2014. In making the assessment, management used the
framework in “Internal Control - Integrated Framework
(2013)” promulgated by the Committee of Sponsoring
Organizations of the Treadway Commission, commonly
referred to as the “COSO” criteria.
Based upon the assessment performed, management
concluded that as of December 31, 2014, JPMorgan Chase’s
internal control over financial reporting was effective based
upon the COSO 2013 criteria. Additionally, based upon
management’s assessment, the Firm determined that there
were no material weaknesses in its internal control over
financial reporting as of December 31, 2014.
The effectiveness of the Firm’s internal control over
financial reporting as of December 31, 2014, has been
audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, as stated in their report
which appears herein.
James Dimon
Chairman and Chief Executive Officer
Marianne Lake
Executive Vice President and Chief Financial Officer
February 24, 2015