KeyBank 2008 Annual Report Download - page 74

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72
KEYCORP AND SUBSIDIARIES
Shareholders and Board of Directors
KeyCorp
We have audited the accompanying consolidated balance sheets of
KeyCorp and subsidiaries as of December 31, 2008 and 2007, and the
related consolidated statements of income, changes in shareholders’
equity, and cash flows for each of the three years in the period ended
December 31, 2008. These financial statements are the responsibility of
KeyCorp’s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the consolidated financial position of KeyCorp
and subsidiaries as of December 31, 2008 and 2007, and the consolidated
results of their operations and their cash flows for each of the three years
in the period ended December 31, 2008, in conformity with U.S. generally
accepted accounting principles.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), KeyCorp’s
internal control over financial reporting as of December 31, 2008,
based on criteria established in “Internal Control — Integrated
Framework” issued by the Committee of Sponsoring Organizations of
the Treadway Commission, and our report dated February 25, 2009,
expressed an unqualified opinion thereon.
Cleveland, Ohio
February 25, 2009
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM