BB&T 2009 Annual Report Download - page 87

CONTROLS AND PROCEDURES
Management’s Report on Internal Control Over Financial Reporting
Management of BB&T is responsible for establishing and maintaining adequate internal control over
financial reporting as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934 as amended (the Exchange
Act). The Corporation’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with accounting principles generally accepted in the United States of America. BB&T’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 disposition of the
Corporation’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit the
preparation of the financial statements in accordance with generally accepted accounting principles and that
receipts and expenditures of the Corporation are being made only in accordance with the authorizations of
BB&T’s management and directors; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the Corporation’s assets that could have a material
impact on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate due to changes in conditions, or that the degree of compliance with the policies
and procedures may deteriorate.
Under the supervision and with the participation of management, including the Chief Executive Officer and
the Chief Financial Officer, the Corporation conducted an evaluation of the effectiveness of the internal control
over financial reporting based on the framework in “Internal Control—Integrated Framework” promulgated by
the Committee of Sponsoring Organizations of the Treadway Commission, commonly referred to as the “COSO”
criteria. Based on this evaluation under the “COSO” criteria, management concluded that the internal control
over financial reporting was effective as of December 31, 2009.
As of the end of the period covered by this report, the management of the Corporation, under the supervision
and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, carried out an
evaluation of the Corporation’s disclosure controls and procedures as defined in Rule 13a-15(e) of the Exchange
Act. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the
Corporation’s disclosure controls and procedures are effective in enabling the Corporation to record, process,
summarize and report, in a timely manner, the information that the Corporation is required to disclose in its
Exchange Act reports.
There was no change in the Corporation’s internal control over financial reporting that occurred during the
fourth quarter of 2009 that has materially affected or is likely to materially affect, the Corporation’s internal
control over financial reporting.
The effectiveness of the internal control structure over financial reporting, as of December 31, 2009, has been
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their
report included on page 88, which expresses an unqualified opinion on the effectiveness of the Corporation’s
internal control over financial reporting as of December 31, 2009.
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