BB&T 2015 Annual Report Download - page 87

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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 (2013)” 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,
2015.
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 2015 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, 2015 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, 2015.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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