PNC Bank 2000 Annual Report Download - page 62

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59
RE P O RT S O N CO N S O L I D AT E D FI N A N C I A L ST AT E M E N T S
The PNC Financial Services Group, Inc.
MA N A G E M E N T ’SRE S P O N S I B I L I T Y F O R
FI N A N C I A L RE P O R T I N G
The PNC Financial Services Group, Inc. is responsible for
the preparation, integrity and fair presentation of its pub-
lished financial statements. The accompanying consolidated
financial statements have been prepared in accordance with
accounting principles generally accepted in the United
States and, as such, include judgments and estimates of
management. The PNC Financial Services Group, Inc. also
prepared the other information included in the Annual
Report and is responsible for its accuracy and consistency
with the consolidated financial statements.
Management is responsible for establishing and main-
taining effective internal control over financial reporting.
The internal control system is augmented by written policies
and procedures and by audits performed by an internal
audit staff, which reports to the Audit Committee of the
Board of Directors. The Audit Committee, composed solely
of independent directors, provides oversight to manage-
ment’s conduct of the financial reporting process.
There are inherent limitations in the effectiveness of
any system of internal control, including the possibility of
human error and circumvention or overriding of controls.
Accordingly, even effective internal control can provide
only reasonable assurance with respect to financial
statement preparation. Further, because of changes in
conditions, the effectiveness of internal control may vary
over time.
Management assessed The PNC Financial Services
Group, Inc.’s internal control over financial reporting as of
December 31, 2000. This assessment was based on criteria
for effective internal control over financial reporting
described in “Internal Control-Integrated Framework”
issued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this assessment, manage-
ment believes that The PNC Financial Services Group, Inc.
maintained an effective internal control system over finan-
cial reporting as of December 31, 2000.
James E. Rohr Robert L. Haunschild
President and Senior Vice President and
Chief Executive Officer Chief Financial Officer
RE P O R T O F ER N S T & Y O U N G L L P,
IN D E P E N D E N T AU D I T O R S
Shareholders and Board of Directors
The PNC Financial Services Group, Inc.
We have audited the accompanying consolidated balance
sheet of The PNC Financial Services Group, Inc. and sub-
sidiaries as of December 31, 2000 and 1999, and the relat-
ed consolidated statements of income, shareholders’ equity,
and cash flows for each of the three years in the period
ended December 31, 2000. These financial statements are
the responsibility of The PNC Financial Services Group,
Inc.’s management. Our responsibility is to express an opin-
ion on these financial statements based on our audits.
We conducted our audits in accordance with auditing
standards generally accepted in the 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 consolidat-
ed financial position of The PNC Financial Services Group,
Inc. and subsidiaries at December 31, 2000 and 1999, and
the consolidated results of their operations and their cash
flows for each of the three years in the period ended
December 31, 2000, in conformity with accounting princi-
ples generally accepted in the United States.
Pittsburgh, Pennsylvania
January 31, 2001