SunTrust 2005 Annual Report Download - page 66

SUNTRUST  ANNUAL REPORT64
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
SUNTRUST BANKS, INC.:
We have completed integrated audits of SunTrust Banks, Inc.’s  and
 consolidated financial statements and of its internal control over
financial reporting as of December , , and an audit of its  con-
solidated financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Our opinions,
based on our audits, are presented below.
CONSOLIDATED FINANCIAL STATEMENTS
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 (the “Company”) at December ,
 and , and the results of their operations and their cash flows for
each of the three years in the period ended December ,  in confor-
mity with accounting principles generally accepted in the United States of
America. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these state-
ments 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 of finan-
cial statements includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the account-
ing principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
INTERNAL CONTROL OVER FINANCIAL REPORTING
Also, in our opinion, management’s assessment, included in Management’s
Report on Internal Control Over Financial Reporting appearing on page 
of the  Annual Report to Shareholders, that the Company maintained
effective internal control over financial reporting as of December , 
based on criteria established in Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway
Commission (“COSO”), is fairly stated, in all material respects, based on
those criteria. Furthermore, in our opinion, the Company maintained, in
all material respects, effective internal control over financial reporting as
of December , , based on criteria established in Internal Control -
Integrated Framework issued by the COSO. The Company’s management is
responsible for maintaining effective internal control over financial report-
ing and for its assessment of the effectiveness of internal control over finan-
cial reporting. Our responsibility is to express opinions on management’s
assessment and on the effectiveness of the Company’s internal control
over financial reporting based on our audit. We conducted our audit of
internal control over financial reporting 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 effective internal control over financial reporting
was maintained in all material respects. An audit of internal control over
financial reporting includes obtaining an understanding of internal control
over financial reporting, evaluating management’s assessment, testing
and evaluating the design and operating effectiveness of internal control,
and performing such other procedures as we consider necessary in the cir-
cumstances. We believe that our audit provides a reasonable basis for our
opinions.
A company’s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of finan-
cial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.
A company’s internal control over financial reporting includes those poli-
cies and procedures that (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and disposi-
tions of the assets of the company; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the com-
pany; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM