BB&T 2011 Annual Report Download - page 86

ITEM 9A. CONTROLS AND PROCEDURES
Management’s Report on Internal Control Over Financial Reporting and Evaluation of Disclosure Controls and
Procedures
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, 2011.
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.
There was no change in the Corporation’s internal control over financial reporting that occurred during the fourth quarter
of 2011 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, 2011, has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their accompanying report,
which expresses an unqualified opinion on the effectiveness of the Corporation’s internal control over financial reporting
as of December 31, 2011.
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