Goldman Sachs 2009 Annual Report Download - page 85

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Goldman Sachs 2009 Annual Report
83
Management’s Report on Internal Control over Financial Reporting
Management of The GoldmanSachs Group, Inc., together
with its consolidated subsidiaries (the  rm), is responsible for
establishing and maintaining adequate internal control over
nancial reporting. The  rm’s internal control over  nancial
reporting is a process designed under the supervision of the
rm’s principal executive and principal  nancial of cers
to provide reasonable assurance regarding the reliability of
nancial reporting and the preparation of the  rm’s nancial
statements for external reporting purposes in accordance with
U.S. generally accepted accounting principles.
As of the end of the  rm’s 2009 scal year, management
conducted an assessment of the  rm’s internal control over
nancial reporting based on the framework established
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  rm’s internal control over nancial
reporting as of December31, 2009 was effective.
Our internal control over  nancial reporting includes
policies and procedures that pertain to the maintenance of
records that, in reasonable detail, accurately and fairly re ect
transactions and dispositions of assets; provide reasonable
assurances that transactions are recorded as necessary to
permit preparation of  nancial statements in accordance
with U.S. generally accepted accounting principles, and that
receipts and expenditures are being made only in accordance
with authorizations of management and the directors of the
rm; and provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of the  rm’s assets that could have a material effect
on our  nancial statements.
The  rm’s internal control over nancial reporting
as of December31, 2009 has been audited by
PricewaterhouseCoopers LLP, an independent registered
public accounting  rm, as stated in their report appearing
on page 84, which expresses an unquali ed opinion on the
effectiveness of the  rm’s internal control over  nancial
reporting as of December31, 2009.