SunTrust 2015 Annual Report Download - page 187

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159
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, 2015. 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, 2015.
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, 2015. In making its assessment of
internal control over financial reporting, management utilized
the framework issued in 2013 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, 2015,
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 at, and for, the year ended December 31, 2015, has
issued a report on the effectiveness of the Company’s internal
control over financial reporting at December 31, 2015. 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
There have been no changes to the Company’s internal control
over financial reporting during the year ended December 31,
2015 that have materially affected, or are reasonably likely to
materially affect, the Company’s internal control over financial
reporting.
Item 9B. OTHER INFORMATION
None.