TCF Bank 2009 Annual Report Download - page 97

2009 Form 10-K : 81
Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
TCF Financial Corporation:
We have audited TCF Financial Corporation’s internal control
over nancial reporting as of December 31, 2009, based
on criteria established in Internal Control — Integrated
Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). TCF
Financial Corporation’s management is responsible for
maintaining effective internal control over nancial
reporting and for its assessment of the effectiveness of
internal control over nancial reporting included in the
accompanying Management Report. Our responsibility is to
express an opinion on TCF Financial Corporation’s internal
control over nancial reporting based on our audit.
We conducted our audit 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 nancial reporting was main-
tained in all material respects. Our audit included obtaining
an understanding of internal control over nancial reporting,
assessing the risk that a material weakness exists and testing
and evaluating the design and operating effectiveness of
internal control based on the assessed risk. Our audit also
included performing such other procedures as we considered
necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion.
A company’s internal control over nancial reporting is a
process designed to provide reasonable assurance regarding
the reliability of nancial reporting and the preparation of
nancial statements for external purposes in accordance
with generally accepted accounting principles. A company’s
internal control over nancial reporting includes those
policies and procedures that (1) pertain to the mainte-
nance of records that, in reasonable detail, accurately and
fairly reect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation
of nancial statements in accordance with generally
accepted accounting principles, and that receipts and
expenditures of the company are being made only in accor-
dance with authorizations of management and directors
of the company; and (3) 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 nancial statements.
Because of its inherent limitations, internal control over
nancial reporting may not prevent or detect misstate-
ments. 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 proce-
dures may deteriorate.
In our opinion, TCF Financial Corporation maintained, in
all material respects, effective internal control over nancial
reporting as of December 31, 2009, based on criteria estab-
lished in Internal Control — Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).
We also have audited, in accordance with the standards
of the Public Company Accounting Oversight Board (United
States), the consolidated statements of nancial condition
of TCF Financial Corporation and subsidiaries as of December
31, 2009 and 2008, and the related consolidated statements
of income, equity, and cash ows for each of the years in the
three-year period ended December 31, 2009, and our report
dated February 16, 2010 expressed an unqualied opinion on
those consolidated nancial statements.
Minneapolis, Minnesota
February 16, 2010
Item 9B. Other Information
None.