Goldman Sachs 2004 Annual Report Download - page 70

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management’s฀report฀on฀internal฀control฀over฀financial฀reporting
68฀฀฀G O L D M A N ฀ S A C H S ฀ 2 004฀ A N N U A L ฀ R E P O RT68฀฀฀G O L D M A N ฀ S A C H S ฀ 2 004฀ A N N U A L ฀ R E P O RT
Management of The Goldman Sachs Group, Inc., together with
its consolidated subsidiaries (the firm), is responsible for estab-
lishing and maintaining adequate internal control over financial
reporting. The firm’s internal control over financial reporting is
a process designed under the supervision of the firm’s principal
executive and principal financial officers to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of the firm’s financial statements for external
reporting purposes in accordance with U.S. generally accepted
accounting principles.
As of the end of the firm’s 2004 fiscal year, management con-
ducted an assessment of the effectiveness of the firm’s internal
control over financial reporting based on the framework estab-
lished in Internal Control–Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Based on this assessment, management
has determined that the firm’s internal control over financial
reporting as of November 26, 2004 is effective.
BES฀•฀Phone฀(201)฀635-5240฀฀•฀FAX฀(201)฀635-5199
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Our internal control over financial reporting includes policies
and procedures that pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect transactions
and dispositions of assets; provide reasonable assurances that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with U.S. generally accepted
accounting principles, and that receipts and expenditures are
being made only in accordance with authorizations of manage-
ment and the directors of the firm; and provide reasonable
assurance regarding prevention or timely detection of unauthor-
ized acquisition, use or disposition of the firm’s assets that could
have a material effect on our financial statements.
Management’s assessment of the effectiveness of the firm’s inter-
nal control over financial reporting as of November 26, 2004
has been audited by PricewaterhouseCoopers LLP, an
independent registered public accounting firm, as stated in their
report appearing on page 69, which expresses unqualified
opinions on management’s assessment and on the effectiveness
of the firm’s internal control over financial reporting as of
November 26, 2004.