KeyBank 2006 Annual Report Download - page 60

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Key’s management is responsible for the preparation, content and integrity
of the financial statements and other statistical data and analyses compiled
for this annual report. The financial statements and related notes have been
prepared in conformity with U.S. generally accepted accounting principles
and reflect management’s best estimates and judgments. Management
believes the financial statements and notes present fairly Key’s financial
position, results of operations and cash flows in all material respects.
Management is responsible for establishing and maintaining a system of
internal control that is designed to protect Key’s assets and the integrity
of its financial reporting. This corporate-wide system of controls
includes self-monitoring mechanisms, written policies and procedures,
proper delegation of authority and division of responsibility, and the
selection and training of qualified personnel.
All employees are required to comply with Key’s code of ethics.
Management conducts an annual certification process to provide
assurance that Key’s employees meet this obligation. Although any
system of internal control can be compromised by human error or
intentional circumvention of required procedures, management believes
Key’s system provides reasonable assurance that financial transactions
arerecorded and reported properly, providing an adequate basis for
reliable financial statements.
The Board of Directors discharges its responsibility for Key’s financial
statements through its Audit Committee. This committee, which draws
its members exclusively from the outside directors, also hires the
independent auditors.
Management’s Assessment of Internal Control
Over Financial Reporting
Management is responsible for establishing and maintaining adequate
internal control over financial reporting for Key. Management has
assessed the effectiveness of Key’s internal control and procedures over
financial reporting using criteria described in “Internal Control —
Integrated Framework,” issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on that assessment,
management believes Key maintained an effective system of internal
control over financial reporting as of December 31, 2006. Key’s
independent auditors have issued an attestation report, dated February
23, 2007, on management’s assessment of Key’s internal control over
financial reporting, which is included in this annual report.
Henry L. Meyer III
Chairman and Chief Executive Officer
Jeffrey B. Weeden
Senior Executive Vice President and Chief Financial Officer
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
60
KEYCORP AND SUBSIDIARIES
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