TD Bank 2007 Annual Report Download - page 79

TD BANK FINANCIAL GROUP ANNUAL REPORT 2007 Management’s Discussion and Analysis 75
DISCLOSURE CONTROLS AND PROCEDURES
An evaluation was performed under the supervision and with
the participation of the Bank’s management, including the
Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the Bank’s disclosure controls and procedures,
as defined in the rules of the SEC and Canadian Securities
Administrators, as of October 31, 2007. Based on that evalua-
tion, the Bank’s management, including the Chief Executive
Officer and Chief Financial Officer, concluded that the Bank’s
disclosure controls and procedures were effective as of
October 31, 2007.
MANAGEMENT’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
The Bank’s management is responsible for establishing and
maintaining adequate internal control over financial reporting
for the Bank. The Bank’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the
maintenance of records, that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets
of the Bank; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Bank are
being made only in accordance with authorizations of the
Bank’s management and directors; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthor-
ized acquisition, use or disposition of the Bank’s assets that
could have a material effect on the financial statements.
ACCOUNTING STANDARDS AND POLICIES
Controls and Procedures
The Bank’s management has used the criteria established
in Internal Control – Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway
Commission to assess, with the participation of the Chief
Executive Officer and Chief Financial Officer, the effectiveness
of the Bank’s internal control over financial reporting. Based on
this assessment, management has concluded that as at October
31, 2007, the Bank’s internal control over financial reporting
was effective based on the applicable criteria. The effectiveness
of the Bank’s internal control over financial reporting has been
audited by the independent auditors, Ernst & Young LLP, a
registered public accounting firm that has also audited the
Consolidated Financial Statements of the Bank for the year
ended October 31, 2007. Their report, on page 77, expresses
an unqualified opinion on the effectiveness of the Bank’s inter-
nal control over financial reporting as of October 31, 2007.
CHANGES IN INTERNAL CONTROL OVER
FINANCIAL REPORTING
During 2007, there have been no changes in the Bank’s policies
and procedures and other processes that comprise its internal
control over financial reporting, that have materially affected,
or are reasonably likely to materially affect, the Bank’s internal
control over financial reporting.