Bank of America 2004 Annual Report Download - page 95
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94 BANK OF AMERICA 2004
The management of Bank of America Corporation is responsible
for establishing and maintaining adequate internal control over
financial reporting.
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. The
Corporation’s internal control over financial reporting includes those
policies and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the trans-
actions and dispositions of the assets of the company; (ii) provide
reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with
accounting principles generally accepted in the United States of
America, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management
and directors of the company; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company’s assets that could have a material
effect 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 because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Management assessed the effectiveness of the Corporation’s
internal control over financial reporting as of December 31, 2004,
based on the framework set forth by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) in Internal Control –
Integrated Framework. Based on that assessment, management
concluded that, as of December 31, 2004, the Corporation’s internal
control over financial reporting is effective based on the criteria
established in Internal Control – Integrated Framework.
Management’s assessment of the effectiveness of the
Corporation’s internal control over financial reporting as of
December 31, 2004, has been audited by PricewaterhouseCoopers,
LLP, an independent registered public accounting firm, as stated in
their report appearing on page 95, which expresses unqualified
opinions on management’s assessment and on the effectiveness
of the Corporation’s internal control over financial reporting as of
December 31, 2004.
Kenneth D. Lewis
Chairman, President and Chief Executive Officer
Marc D. Oken
Chief Financial Officer
Report of Management on Internal Control Over Financial Reporting
Bank of America Corporation and Subsidiaries