SunTrust 2003 Annual Report Download - page 56

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MANAGEMENT’S STATEMENT OF RESPONSIBILITY FOR FINANCIAL INFORMATION
54 SunTrust Banks, Inc. Annual Report 2003
Financial statements and information in this Annual Report
were prepared in conformity with generally accepted accounting
principles. Management is responsible for the integrity and objectiv-
ity of the financial statements and related information. Accordingly,
they maintain an extensive system of internal controls and account-
ing policies and procedures to provide reasonable assurance of the
accountability and safeguarding of Company assets, and of the
accuracy of financial information. These procedures include man-
agement evaluations of asset quality and the impact of economic
events, organizational arrangements that provide an appropriate
division of responsibility and a program of internal audits to evaluate
independently the adequacy and application of financial and operat-
ing controls and compliance with Company policies and procedures.
The Company’s independent auditors,
PricewaterhouseCoopers LLP, express their opinion as to the fair-
ness of the financial statements presented. Their opinion is
based on an audit conducted in accordance with generally
accepted auditing standards as described in their report.
The Board of Directors, through its Audit Committee, is
responsible for ensuring that both management and the inde-
pendent public accountants fulfill their respective responsibilities
with regard to the financial statements. The Audit Committee, com-
posed entirely of directors who are not officers or employees of the
Company, meets periodically with both management and the inde-
pendent public accountants to ensure that each is carrying out its
responsibilities. The independent public accountants have full and
free access to the Audit Committee and meet with it, with and
without management present, to discuss auditing and financial
reporting matters.
The Company assessed its internal control system as of
December 31, 2003, in relation to criteria for effective internal
control over consolidated financial reporting described in “Internal
Control
—
Integrated Framework” issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on
this assessment, the Company believes that, as of December 31,
2003, its system of internal controls over consolidated financial
reporting met those criteria.
L. Phillip Humann
Chairman of the Board of Directors,
President and Chief Executive Officer
John W. Spiegel
Vice Chairman
and Chief Financial Officer
Jorge Arrieta
Senior Vice President
and Controller
ABBREVIATIONS
Within the Consolidated Financial Statements and the notes thereto, the following references will be used:
SunTrust Banks, Inc. – Company or SunTrust
SunTrust Bank Holding Company – Bank Parent Company
SunTrust Bank – Bank
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Consolidated Statements of Income 56
Consolidated Balance Sheets 57
Consolidated Statements of Shareholders’ Equity 58
Consolidated Statements of Cash Flow 59
Notes to Consolidated Financial Statements 60