AIG 2012 Annual Report Download - page 361

PART II
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None.
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EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
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Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed
or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act) is recorded, processed,
summarized and reported within the time periods specified in SEC rules and forms and that such information is
accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to
allow timely decisions regarding required disclosures. In connection with the preparation of this Annual Report on
Form 10-K, an evaluation was carried out by AIG management, with the participation of AIG’s Chief Executive Officer
and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of December 31, 2012. Based on this evaluation, AIG’s
Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were
effective as of December 31, 2012.
Management’s Report on Internal Control Over Financial Reporting
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Management of AIG is responsible for establishing and maintaining adequate internal control over financial reporting.
AIG’s internal control over financial reporting is a process, under the supervision of AIG’s Chief Executive Officer and
Chief Financial Officer, designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of AIG’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.
AIG management conducted an assessment of the effectiveness of our internal control over financial reporting as of
December 31, 2012 based on the criteria established in Internal Control – Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).
AIG management has concluded that, as of December 31, 2012, our internal control over financial reporting was
effective based on the criteria articulated in Internal Control – Integrated Framework issued by the COSO. The
effectiveness of our internal control over financial reporting as of December 31, 2012 has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is
included in this Annual Report on Form 10-K.
Changes in Internal Control Over Financial Reporting
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We continue our implementation of new technology solutions, which began in 2010, to mitigate the reliance on
manual controls and to improve internal controls relating to the period-end financial reporting and consolidation
process, income taxes and reporting for non-standard transactions. As a result, we have updated our internal
controls to accommodate the modifications to our business processes and accounting procedures. We have
evaluated the effect on our internal control over financial reporting of this implementation for the quarter ended
December 31, 2012, and determined that this conversion has not materially affected, and is not reasonably likely to
materially affect, our internal control over financial reporting. There have been no other changes in our internal
control over financial reporting that have occurred during the quarter ended December 31, 2012 that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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AIG 2012 Form 10-K344
ITEM 9 / CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
ITEM 9A / CONTROLS AND PROCEDURES