Sun Life 2015 Annual Report Download - page 92

Financial Reporting Responsibilities
Management is responsible for preparing the Consolidated Financial Statements. This responsibility includes selecting appropriate
accounting policies and making estimates and other judgments consistent with International Financial Reporting Standards. The
financial information presented elsewhere in the annual report to shareholders is consistent with these Consolidated Financial
Statements.
The Board of Directors (“Board”) oversees management’s responsibilities for financial reporting. An Audit & Conduct Review
Committee of non-management directors is appointed by the Board to review the Consolidated Financial Statements and report to the
Board prior to their approval of the Consolidated Financial Statements for issuance to shareholders. Other key responsibilities of the
Audit & Conduct Review Committee include reviewing the Company’s existing internal control procedures and planned revisions to
those procedures, and advising the Board on auditing matters and financial reporting issues.
Management is also responsible for maintaining systems of internal control that provide reasonable assurance that financial information
is reliable, that all financial transactions are properly authorized, that assets are safeguarded, and that Sun Life Financial Inc. and its
subsidiaries, collectively referred to as “the Company”, adhere to legislative and regulatory requirements. These systems include the
communication of policies and the Company’s Code of Business Conduct throughout the organization. Internal controls are reviewed
and evaluated by the Company’s internal auditors.
Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting, as of
December 31, 2015, based on the framework and criteria established in Internal Control —Integrated Framework (2013), issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management has concluded that
the Company’s internal control over financial reporting was effective as of December 31, 2015.
The Audit & Conduct Review Committee also conducts such review and inquiry of management and the internal and external auditors
as it deems necessary towards establishing that the Company is employing appropriate systems of internal control, is adhering to
legislative and regulatory requirements and is applying the Company’s Code of Business Conduct. Both the internal and external
auditors and the Company’s Appointed Actuary have full and unrestricted access to the Audit & Conduct Review Committee with and
without the presence of management.
The Office of the Superintendent of Financial Institutions, Canada conducts periodic examinations of the Company. These
examinations are designed to evaluate compliance with provisions of the Insurance Companies Act (Canada) and to ensure that the
interests of policyholders, depositors, and the public are safeguarded. The Company’s foreign operations and foreign subsidiaries are
examined by regulators in their local jurisdictions.
The Company’s Appointed Actuary, who is a member of management, is appointed by the Board to discharge the various actuarial
responsibilities required under the Insurance Companies Act (Canada), and conducts the valuation of the Company’s actuarial
liabilities. The role of the Appointed Actuary is described in more detail in Note 11. The report of the Appointed Actuary accompanies
these Consolidated Financial Statements.
The Company’s external auditor, Deloitte LLP, Independent Registered Public Accounting Firm, has audited the Company’s internal
control over financial reporting as of December 31, 2015, in addition to auditing the Company’s Consolidated Financial Statements for
the years ended December 31, 2015 and December 31, 2014. Its reports to the Board and shareholders express unqualified opinions
and accompany these Consolidated Financial Statements. Deloitte LLP meets separately with both management and the Audit &
Conduct Review Committee to discuss the results of its audit.
Dean A. Connor Colm J. Freyne, CPA, CA
President and Chief Executive Officer Executive Vice-President and Chief Financial Officer
Toronto, Canada
February 10, 2016
90 Sun Life Financial Inc. Annual Report 2015 Consolidated Financial Statements