TCF Bank 2005 Annual Report Download - page 93

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732005 Form 10-K
Item 9B. Other Information
None.
The Board of Directors and Stockholders
TCF Financial Corporation:
We have audited management’s assessment, included in the
accompanying Management Report, that TCF Financial Corporation
maintained effective internal control over financial reporting as
of December 31, 2005, based on criteria established in Internal
Control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
TCF Financial Corporation’s management is responsible for main-
taining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over
financial reporting. Our responsibility is to express an opinion on
management’s assessment and an opinion on the effectiveness
of the Company’s internal control over financial reporting based
on our audit.
We conducted our audit 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 effective internal
control over financial reporting was maintained in all material
respects. Our audit included obtaining an understanding of inter-
nal control over financial reporting, evaluating management’s
assessment, testing and evaluating the design and operating
effectiveness of internal control, and performing such other
procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.
A company’s 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. A company’s internal control
over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispo-
sitions of the assets of the company; (2) 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 being made only in accordance with author-
izations of management and directors of the company; and (3)
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.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inade-
quate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
In our opinion, management’s assessment that TCF Financial
Corporation maintained effective internal control over financial
reporting as of December 31, 2005, is fairly stated, in all material
respects, based on criteria established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Also, in our
opinion, TCF Financial Corporation maintained, in all material
respects, effective internal control over financial reporting as
of December 31, 2005, based on criteria established in Internal
Control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the
consolidated statements of financial condition of TCF Financial
Corporation and subsidiaries as of December 31, 2005 and 2004,
and the related consolidated statements of income, stockhold-
ers’ equity, and cash flows for each of the years in the three-year
period ended December 31, 2005, and our report dated February
16, 2006 expressed an unqualified opinion on those consolidated
financial statements.
Minneapolis, Minnesota
February 16, 2006
Report of Independent Registered Public Accounting Firm