TCF Bank 2006 Annual Report Download - page 97

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2006 Form10-K 77
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 (the Company) maintained effective internal
control over financial reporting as of December 31, 2006,
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 respon-
sible for maintaining 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 main-
tained in all material respects. Our audit included obtaining
an understanding of internal control over financial reporting,
evaluating management’s assessment, testing and evaluat-
ing 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 regard-
ing 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 dispositions of the assets of
the company; (2) provide reasonable assurance that trans-
actions 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
authorizations 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 inadequate because of changes in
conditions, or that the degree of compliance with the poli-
cies 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, 2006, 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,
2006, 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, 2006 and 2005, and the related consolidated statements
of income, stockholders’ equity, and cash flows for each of
the years in the three-year period ended December 31, 2006,
and our report dated February 15, 2007 expressed an unqual-
ified opinion on those consolidated financial statements.
Minneapolis, Minnesota
February 15, 2007
Item 9B. Other Information
None.
Report of Independent Registered Public Accounting Firm