TCF Bank 2004 Annual Report Download - page 79

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2004 Annual Report 77
Management’s Report on Internal Control
Over Financial Reporting
Management is responsible for establishing and maintaining adequate
internal control over financial reporting for TCF Financial Corporation
(“TCF Financial” or “the Company”). Internal control over financial
reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with
generally accepted accounting principles.
Internal control over financial reporting includes those policies
and procedures that pertain to the maintenance of records that
in reasonable detail accurately and fairly reflect the transactions
and dispositions of the assets of the Company; provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures
of the Company are only being made in accordance with authoriza-
tions of management and directors of the company; and provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the Company’s assets
that could have a material effect on the financial statements.
Management completed an assessment of TCF Financial’s inter-
nal control over financial reporting as of December 31, 2004. This
assessment was based on criteria for evaluating internal control
over financial reporting established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission. Based on this assessment, TCF Financial’s
internal control over financial reporting was effective as of
December 31, 2004.
KPMG LLP, TCF Financial’s registered public accounting firm
that audited the consolidated financial statements included in
this annual report, has issued an unqualified attestation report
on management’s assessment of the Company’s internal controls
over financial reporting.
Any control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. The design of a control
system inherently has limitations, and the benefits of controls must
be weighed against their costs. Additionally, controls can be circum-
vented by the individual acts of some persons, by collusion of two or
more people, or by management override of the control. Therefore,
no assessment of a cost-effective system of internal controls can
provide absolute assurance that all control issues and instances of
fraud, if any, will be detected.
William A. Cooper
Chairman of the Board
and Chief Executive Officer
Neil W. Brown
Executive Vice President
and Chief Financial Officer
David M. Stautz
Senior Vice President, Controller
and Assistant Treasurer
February 17, 2005