TD Bank 2014 Annual Report Download - page 122

TD BANK GROUP ANNUAL REPORT 2014 FINANCIAL RESULTS120
also includes examining, on a test basis, evidence supporting the amounts
and disclosures in the consolidated financial statements, evaluating the
appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the
overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained in our audits
is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of The Toronto-Dominion Bank as
at October 31, 2014 and 2013, and its financial performance and its cash
flows for each of the years in the three-year period ended October 31,
2014, in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board.
Other matter
We have also audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), The Toronto-Domin-
ion Bank’s internal control over financial reporting as of October 31, 2014,
based on the criteria established in Internal Control-Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway
Commission (2013 Framework) and our report dated December 3, 2014,
expressed an unqualified opinion on The Toronto-Dominion Bank’s internal
control over financial reporting.
Ernst & Young LLP
Chartered Professional Accountants
Licensed Public Accountants
Toronto, Canada
December 3, 2014
INDEPENDENT AUDITORS’ REPORT OF REGISTERED PUBLIC
ACCOUNTING FIRM TO SHAREHOLDERS
Report on Financial Statements
We have audited the accompanying consolidated financial statements of The
Toronto-Dominion Bank, which comprise the Consolidated Balance Sheet as
at October 31, 2014 and 2013, and the Consolidated Statements of Income,
Comprehensive Income, Changes in Equity, and Cash Flows for each of the
years in the three-year period ended October 31, 2014, and a summary of
significant accounting policies and other explanatory information.
Management’s responsibility for the consolidated
financial statements
Management is responsible for the preparation and fair presentation of
these consolidated financial statements in accordance with International
Financial Reporting Standards as issued by the International Accounting
Standards Board, and for such internal control as management determines
is necessary to enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these consolidated financial
statements based on our audits. We conducted our audits in accordance
with Canadian generally accepted auditing standards and the standards
of the Public Company Accounting Oversight Board (United States). Those
standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the consolidated financial statements. The
procedures selected depend on the auditors’ judgment, including the assess -
ment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments,
the auditors consider internal control relevant to the entity’s preparation
and fair presentation of the consolidated financial statements in order to
design audit procedures that are appropriate in the circumstances. An audit