TD Bank 2012 Annual Report Download - page 88

TD BANK GROUP ANNUAL REPORT 2012 MANAGEMENT’S DISCUSSION AND ANALYSIS86
ACCOUNTING STANDARDS AND POLICIES
Future Changes in Accounting Policies
ACCOUNTING STANDARDS AND POLICIES
Controls and Procedures
DISCLOSURE CONTROLS AND PROCEDURES
An evaluation was performed under the supervision and with the partici-
pation of the Bank’s management, including the Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the Bank’s disclosure
controls and procedures, as defined in the rules of the SEC and Canadian
Securities Administrators, as of October 31, 2012. Based on that evalua-
tion, the Bank’s management, including the Chief Executive Officer and
Chief Financial Officer, concluded that the Bank’s disclosure controls and
procedures were effective as of October 31, 2012.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING
The Bank’s management is responsible for establishing and maintain-
ing adequate internal control over financial reporting for the Bank.
The Bank’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 Bank; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with IFRS, and that
receipts and expenditures of the Bank are being made only in accor-
dance with authorizations of the Bank’s management and directors;
and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the Bank’s
assets that could have a material effect on the financial statements.
The IASB continues to make changes to IFRS to improve the overall
quality of financial reporting. The Bank is actively monitoring all of the
IASB’s projects that are relevant to the Bank’s financial reporting and
accounting policies. Issued standards which are effective for the Bank
in the future are discussed in Note 4 to the Bank’s Consolidated
Financial Statements.
The Bank’s management has used the criteria established in Internal
Control – Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission to assess, with the participa-
tion of the Chief Executive Officer and Chief Financial Officer, the effec-
tiveness of the Bank’s internal control over financial reporting. Based on
this assessment management has concluded that as at October 31, 2012,
the Bank’s internal control over financial reporting was effective based
on the applicable criteria. The effectiveness of the Bank’s internal control
over financial reporting has been audited by the independent auditors,
Ernst & Young LLP, a registered public accounting firm that has also
audited the Consolidated Financial Statements of the Bank as of and for
the year ended October 31, 2012. Their Report on Internal Controls under
Standards of the Public Company Accounting Oversight Board (United
States), included in the Consolidated Financial Statements expresses an
unqualified opinion on the effectiveness of the Bank’s internal control
over financial reporting as of October 31, 2012.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During the year and quarter ended October 31, 2012, there have been
no changes in the Bank’s policies and procedures and other processes
that comprise its internal control over financial reporting, that have
materially affected, or are reasonably likely to materially affect, the
Bank’s internal control over financial reporting.