TD Bank 2001 Annual Report Download - page 43

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41
FINANCIAL RESULTS
Financial reporting responsibility
The consolidated financial statements of The
Toronto-
Dominion Bank and related financial information presented
in this Annual Report have been prepared by management,
which is responsible for their integrity, consistency,
objectivity and
reliability. Canadian generally accepted
accounting principles
as well as the requirements of the
Bank Act and the related regulations have been applied and
management has exercised its judgement and made best
estimates where deemed appropriate.
The Bank’s accounting system and related internal
controls are designed, and supporting procedures
maintained, to provide reasonable assurance that financial
records are complete and accurate and that assets are
safeguarded against loss from unauthorized use or
disposition. These supporting procedures include the careful
selection and training of qualified staff, the establishment of
organizational structures providing a well-defined division of
responsibilities
and accountability for performance, and
the
communication of policies and guidelines of business
conduct throughout the Bank.
The Bank’s Board of Directors, acting through
the Audit
and Risk Management Committee which is comprised of
directors
who are not officers or employees of the Bank,
oversees management’s responsibilities for the financial
reporting and internal control systems.
The Bank’s Chief Internal Auditor, who has full and free
access to the Audit and Risk Management Committee,
conducts an extensive program of audits in coordination
with the Bank’s
shareholders’ auditors. This program is an
integral
part of the system of internal control and is carried
out by a professional staff of auditors.
The Superintendent of Financial Institutions Canada
makes such examination and enquiry into the affairs
of the
Bank as he may deem necessary to satisfy himself
that the
provisions of the Bank Act, having reference to the safety of
the depositors, are being duly observed and that the Bank
is in a sound financial condition.
Ernst & Young LLP and PricewaterhouseCoopers LLP, the
shareholders’ auditors,
have audited our consolidated
financial statements.
They have full and free access to, and
meet periodically
with, the Audit and Risk Management
Committee to discuss their audit and
matters arising
therefrom such as comments they may have on the fairness
of financial reporting and the adequacy of internal controls.
A. Charles Baillie W. Edmund Clark
Chairman and President and
Chief Executive Officer Chief Operating Officer
Daniel A. Marinangeli
Executive Vice President and
Chief Financial Officer
Consolidated financial statements
Auditors’ report to the shareholders
We have audited the consolidated balance sheet of
The Toronto-Dominion Bank as at October 31, 2001 and
the consolidated statements of income,
changes in
shareholders’ equity and cash flows for the year then
ended. These
financial statements are the responsibility of
the Bank’s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with
Canadian
generally accepted auditing standards. Those standards
require
that we plan and perform an audit to obtain
reasonable
assurance whether the financial statements are
free
of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements
present fairly, in all material respects, the financial position
of the Bank as at October 31, 2001
and the results of its
operations and its cash flows for the year then ended in
accordance with Canadian generally accepted accounting
principles, including the accounting requirements of the
Superintendent of Financial Institutions Canada.
The consolidated financial statements for the years
ended
October 31, 2000 and 1999 were audited by Ernst &
Young
LLP
and KPMG
LLP
who expressed an
opinion
thereon without reservation in their report dated
November 16, 2000.
Ernst & Young LLP PricewaterhouseCoopers LLP
Chartered Accountants Chartered Accountants
Toronto, Canada
November 15, 2001