SunTrust 2010 Annual Report Download - page 208

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
Item 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company conducted an evaluation, under the supervision and 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, 2010.
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 is recorded, processed, summarized, and
reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and
communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure.
Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s
disclosure controls and procedures were effective, as of December 31, 2010. However, the Company believes that a controls
system, no matter how well designed and operated, cannot provide absolute assurance that all control issues and instances of
fraud, if any, within a company have been detected.
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.
GAAP.
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, 2010. 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, 2010, the Company’s
internal control over financial reporting is effective.
Ernst & Young LLP, the independent registered public accounting firm that audited our consolidated financial statements as
of and for the year ended December 31, 2010, has issued a report on the effectiveness of the Company’s internal control over
financial reporting as of December 31, 2010. The report of Ernst & Young LLP is included under Item 8 of this Annual
Report on Form 10-K.
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 December 31, 2010. Based upon that evaluation, management has
determined that there have been no changes to the Company’s internal control over financial reporting that occurred during
the Company’s fourth quarter of 2010 that have materially affected, or are reasonably likely to materially affect, the
Company’s internal control over financial reporting.
Item 9B. OTHER INFORMATION
None.
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