KeyBank 2006 Annual Report Download - page 62

Download and view the complete annual report

Please find page 62 of the 2006 KeyBank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

62
KEYCORP AND SUBSIDIARIES
Shareholders and Board of Directors
KeyCorp
We have audited the accompanying consolidated balance sheets of
KeyCorp and subsidiaries (“Key”) as of December 31, 2006 and 2005, and
the related consolidated statements of income, changes in shareholders’
equity, and cash flow for each of the three years in the period ended
December 31, 2006. These financial statements are the responsibility of
Key’s management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the consolidated financial position of Key as of
December 31, 2006 and 2005, and the consolidated results of their
operations and their cash flow for each of the three years in the period
ended December 31, 2006, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 1 to the consolidated financial statements, Key
changed its method of accounting for defined benefit pension and other
postretirement plans as of December 31, 2006, in accordance with the
Financial Accounting Standards Board Statement No. 158, Employers’
Accounting for Defined Benefit Pension and Other Postretirement
Plans,and its method of accounting for stock-based compensation as
of January 1, 2006, in accordance with Financial Accounting Standards
Board Statement No. 123R, Share-Based Payment.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the effectiveness
of Key’s internal control over financial reporting as of December 31,
2006, based on criteria established in “Internal Control — Integrated
Framework” issued by the Committee of Sponsoring Organizations of
the Treadway Commission and our report dated February 23, 2007
expressed an unqualified opinion thereon.
Cleveland, Ohio
February 23, 2007
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Previous Page
Search
Next Page
Contents