SunTrust 2006 Annual Report Download - page 144

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Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A. Controls and Procedures
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial
reporting for the Company. The Company’s internal control over financial reporting is a process
designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the
Company’s financial statements for external purposes in accordance with U.S. generally accepted
accounting principles.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Management has made a comprehensive review, evaluation, and assessment of the Company’s internal
control over financial reporting as of December 31, 2006. In making its assessment of internal control
over financial reporting, management used the criteria issued by the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control-Integrated Framework. Based on that
assessment, management concluded that, as of December 31, 2006, the Company’s internal control over
financial reporting is effective.
Management’s assessment of the effectiveness of the Company’s internal control over financial
reporting as of December 31, 2006, has been audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, as stated in their report appearing on pages 71 and 72, which
expresses unqualified opinions on management’s assessment and on the effectiveness of the Company’s
internal control over financial reporting as of December 31, 2006.
Evaluation of Disclosure Controls and Procedures
The Company conducted an evaluation, with the participation of its Chief Executive Officer and Chief
Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures as of
December 31, 2006. The Company’s disclosure controls and procedures are designed to ensure that
information required to be disclosed by the Company in the reports that it files or submits under the
Securities Exchange Act of 1934 is recorded, processed, summarized, and reported on a timely basis.
Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded, as of
December 31, 2006, that the Company’s disclosure controls and procedures were effective in recording,
processing, summarizing, and reporting information required to be disclosed by the Company, within
the time periods specified in the SEC’s rules and forms, and such information is accumulated and
communicated to management to allow timely decisions regarding required disclosures.
Changes in Internal Control over Financial Reporting
Management of the Company has evaluated, with the participation of the Company’s Chief Executive
Officer and Chief Financial Officer, changes in the Company’s internal control over financial reporting
(as defined in rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended
131