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TD BANK GROUP ANNUAL REPORT 2014 MANAGEMENT’S DISCUSSION AND ANALYSIS106

ACCOUNTING STANDARDS AND POLICIES

Controls and Procedures

The Bank’s management has used the criteria established in the

2013 Internal Control – Integrated Framework issued by the Committee

of Sponsoring Organizations of the Treadway Commission to assess,

with the participation of the Chief Executive Ofﬁcer and Chief Financial

Ofﬁcer, the effectiveness of the Bank’s internal control over ﬁnancial

reporting. Based on this assessment management has concluded that

as at October 31, 2014, the Bank’s internal control over ﬁnancial

reporting was effective based on the applicable criteria. The effective-

ness 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,

2014. 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, 2014.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the year and quarter ended October 31, 2014, 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.

DISCLOSURE CONTROLS AND PROCEDURES

An evaluation was performed under the supervision and with the

participation

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, 2014. Based on

that evaluation, 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, 2014.

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.