TD Bank 2014 Annual Report Download - page 121

TD BANK GROUP ANNUAL REPORT 2014 FINANCIAL RESULTS 119
The Bank’s Chief Auditor, who has full and free access to the Audit
Committee, conducts an extensive program of audits. This program
supports the system of internal control and is carried out by a professional
staff of auditors.
The Office of the Superintendent of Financial Institutions Canada, makes
such examination and enquiry into the affairs of the Bank as deemed neces-
sary to ensure 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
sound financial condition.
Ernst & Young LLP, the independent auditors appointed by the share-
holders of the Bank, have audited the effectiveness of the Bank’s internal
control over financial reporting as at October 31, 2014, in addition to
auditing the Bank’s Consolidated Financial Statements as of the same
date. Their reports, which expressed an unqualified opinion, can be found
on the following pages of the Consolidated Financial Statements. Ernst
& Young LLP have full and free access to, and meet periodically with, the
Audit Committee to discuss their audit and matters arising there from, such
as, comments they may have on the fairness of financial reporting and the
adequacy of internal controls.
Bharat B. Masrani Colleen M. Johnston
Group President and Chief Financial Officer
Chief Executive Officer
Toronto, Canada
December 3, 2014
FINANCIAL RESULTS
Consolidated Financial Statements
MANAGEMENT’S RESPONSIBILITY FOR
FINANCIAL INFORMATION
The management of The Toronto-Dominion Bank and its subsidiaries (the
“Bank”) is responsible for the integrity, consistency, objectivity and reliability
of the Consolidated Financial Statements of the Bank and related financial
information as presented. International Financial Reporting Standards as
issued by the International Accounting Standards Board, as well as the
requirements of the Bank Act (Canada) and related regulations have been
applied and management has exercised its judgment and made best esti-
mates where 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 safe-
guarded 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 communica-
tion of policies and guidelines of business conduct throughout the Bank.
Management has assessed the effectiveness of the Bank’s internal control
over financial reporting as at October 31, 2014, using the framework found
in Internal Control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission 2013 Framework.
Based upon this assessment, management has concluded that as at
October 31, 2014, the Bank’s internal control over financial reporting
is effective.
The Bank’s Board of Directors, acting through the Audit Committee
which is composed entirely of independent directors, oversees management’s
responsibilities for financial reporting. The Audit Committee reviews the
Consolidated Financial Statements and recommends them to the Board for
approval. Other responsibilities of the Audit Committee include monitoring
the Bank’s system of internal control over the financial reporting process
and making recommendations to the Board and shareholders regarding the
appointment of the external auditor.