SunTrust 2013 Annual Report Download - page 224

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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 CEO and CFO, of the
effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e)
of the Exchange Act) at December 31, 2013. 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 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 CEO and CFO, as appropriate,
to allow timely decisions regarding required disclosure. Based upon the evaluation, the CEO and CFO concluded that the
Company’s disclosure controls and procedures were effective at December 31, 2013.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in
Rule 13a-15(f) of the Exchange Act) for the Company. The Company’s internal control over financial reporting is a process
designed under the supervision of the Company’s CEO and CFO 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 at December 31, 2013. In making its assessment of internal control over financial reporting, management used the
original framework issued in 1992 by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO")
in Internal Control-Integrated Framework. Based on that assessment, management concluded that, at December 31, 2013,
the Company’s internal control over financial reporting is effective. COSO issued an update to the original framework during
2013 and indicated that the updated framework would supersede the original framework on December 15, 2014. The Company
will transition to the 2013 framework during the year ended December 31, 2014.
Ernst & Young LLP, the independent registered public accounting firm that audited our consolidated financial statements at
and for the year ended December 31, 2013, has issued a report on the effectiveness of the Company’s internal control over
financial reporting at December 31, 2013. 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 CEO and CFO, changes in the Company’s
internal control over financial reporting during the quarter ended December 31, 2013. 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 2013 that have materially affected, or are reasonably likely to materially affect, the Company’s
internal control over financial reporting.
Item 9B. OTHER INFORMATION
None.