BB&T 2013 Annual Report Download - page 84

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84
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 Exchange Act. The Company’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 GAAP. 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 Company’s assets; (2) provide reasonable assurance that transactions are recorded as
necessary to permit the preparation of the financial statements in accordance with GAAP and that receipts and expenditures
of the Company 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
Company’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 Company 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 (1992 Framework), 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, 2013.
As of the end of the period covered by this report, the management of the Company, under the supervision and with the
participation of the Company’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the
Company’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 Company’s disclosure controls and procedures are
effective.
There was no change in the Company’s internal control over financial reporting that occurred during the fourth quarter of
2013 that has materially affected, or is likely to materially affect, the Company’s internal control over financial reporting.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2013 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 Company’s internal control over financial reporting as of
December 31, 2013.