TCF Bank 2011 Annual Report Download - page 73

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Item 8. Financial Statements and Supplementary Data
Report of Independent Registered Public
Accounting Firm
The Board of Directors and Stockholders
TCF Financial Corporation:
We have audited the accompanying consolidated
statements of financial condition of TCF Financial
Corporation and subsidiaries (the Company) as of
December 31, 2011 and 2010, and the related consolidated
statements of income, equity and cash flows for each
of the years in the three-year period ended December
31, 2011. These consolidated financial statements
are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these
consolidated 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 consolidated financial statements
referred to above present fairly, in all material respects,
the financial position of TCF Financial Corporation and
subsidiaries as of December 31, 2011 and 2010, and
the results of their operations and their cash flows
for each of the years in the three year period ended
December 31, 2011, 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), TCF Financial Corporation’s internal
control over financial reporting as of December 31,
2011, based on criteria established in Internal Control
— Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission
(COSO), and our report dated February 21, 2012 expressed
an unqualified opinion on the effectiveness of the
Company’s internal control over financial reporting.
As discussed in Notes 1 and 28 to the consolidated
financial statements, the Company has elected to
change its method of accounting for pension and other
postretirement benefits in 2011. All periods have been
retrospectively restated for this accounting change.
Minneapolis, Minnesota
February 21, 2012
552011 Form 10-K