Discover 2010 Annual Report Download - page 163

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prevent or detect misstatements. 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 policies or
procedures may deteriorate.
Management assessed the effectiveness of our internal control over financial reporting as of November 30, 2010. In
making this assessment, management used the criteria set forth in Internal Control – Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on management’s assessments
and those criteria, management has concluded that our internal control over financial reporting was effective as of
November 30, 2010.
The effectiveness of our internal control over financial reporting as of November 30, 2010 has been audited by
Deloitte & Touche LLP, an independent registered public accounting firm, and the firm’s report on this matter is included in
Item 8 of this annual report on Form 10-K.
Discover Financial Services
Riverwoods, IL
January 26, 2011
Changes in Internal Control over Financial Reporting
In preparation for management’s report on internal control over financial reporting, we documented and tested the
design and operating effectiveness of our internal control over financial reporting. There were no changes in our internal
control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) that occurred
during the quarter ended November 30, 2010 that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
Item 9B. Other Information
Not applicable.
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