TD Bank 2003 Annual Report Download - page 56

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Financial Results54
Financial reporting responsibility
The Consolidated Financial Statements of The Toronto-
Dominion Bank and related financial information presented
in this Annual Report have been prepared by management,
which is responsible for their integrity, consistency,
objectivity and reliability. Canadian generally accepted
accounting principles as well as the requirements of the
Bank Act and the related regulations have been applied and
management has exercised its judgement and made best
estimates where deemed appropriate.
The Bank’s accounting system and related internal
controls are designed, and supporting procedures
maintained, to provide reasonable assurance that financial
records are complete and accurate and that assets are
safeguarded against loss from unauthorized use or
disposition. These supporting procedures include the
careful selection and training of qualified staff, the
establishment of organizational structures providing a well-
defined division of responsibilities and accountability for
performance, and the communication of policies and
guidelines of business conduct throughout the Bank.
The Bank’s Board of Directors, acting through the Audit
Committee which is comprised of directors who are not
officers or employees of the Bank, oversees management’s
responsibilities for the financial reporting and internal
control systems.
The Bank’s Chief Internal Auditor, who has full and free
access to the Audit Committee, conducts an extensive
program of audits in coordination with the Bank’s
shareholders’ auditors. This program supports the system
of internal control and is carried out by a professional staff
of auditors.
The Superintendent of Financial Institutions Canada
makes such examination and enquiry into the affairs of the
Bank as he may deem necessary to satisfy himself that the
provisions of the Bank Act, having reference to the safety
of the depositors, are being duly observed and that the
Bank is in a sound financial condition.
Ernst & Young LLP and PricewaterhouseCoopers LLP,
the shareholders’ auditors, have audited our Consolidated
Financial Statements. They have full and free access to,
and meet periodically with, the Audit Committee to discuss
their audit and matters arising therefrom such as comments
they may have on the fairness of financial reporting and
the adequacy of internal controls.
W. Edmund Clark Daniel A. Marinangeli
President and Executive Vice President and
Chief Executive Officer Chief Financial Officer
Consolidated Financial Statements
Auditors’ report to the shareholders
We have audited the Consolidated Balance Sheets of
The Toronto-Dominion Bank as at October 31, 2003 and
2002 and the Consolidated Statements of Operations,
Changes in Shareholders’ Equity and Cash Flows for each
of the years in the three year period ended October 31,
2003. These financial statements are the responsibility of
the Bank’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian
generally accepted auditing standards. Those standards
require that we plan and perform an audit to obtain
reasonable assurance 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.
In our opinion, these Consolidated Financial Statements
present fairly, in all material respects, the financial
position of the Bank as at October 31, 2003 and 2002
and the results of its operations and its cash flows for
each of the years in the three year period ended October
31, 2003 in accordance with Canadian generally accepted
accounting principles.
Ernst & Young LLP PricewaterhouseCoopers LLP
Chartered Accountants Chartered Accountants
Toronto, Canada
November 26, 2003