SunTrust 2003 Annual Report Download - page 57

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Annual Report 2003 SunTrust Banks, Inc. 55
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
SUNTRUST BANKS, INC.:
In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of income, shareholders’
equity and cash flows present fairly, in all material respects, the
financial position of SunTrust Banks, Inc. and its subsidiaries at
December 31, 2003 and 2002, and the results of their opera-
tions and their cash flows for each of the three years in the period
ended December 31, 2003 in conformity with accounting princi-
ples generally accepted in the United States of America. These
financial statements are the responsibility of the Company’s man-
agement; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our
audits of these statements in accordance with auditing standards
generally accepted in the United States of America, which require
that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evi-
dence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and signifi-
cant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As discussed in Note 1 to the Consolidated Financial
Statements, during 2002 the Company changed its method
of accounting for goodwill and intangible assets.
Atlanta, Georgia
January 12, 2004
REPORT OF INDEPENDENT AUDITORS