Bank of America 2007 Annual Report Download - page 114
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Report of Management on Internal Control Over Financial
Reporting
Bank of America Corporation and Subsidiaries
The management of Bank of America Corporation is responsible for estab-
lishing and maintaining adequate internal control over financial reporting.
The Corporation’s internal control over financial reporting is a proc-
ess 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 transactions and dispositions of the assets of the com-
pany; (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 com-
pany; 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 dete-
riorate.
Management assessed the effectiveness of the Corporation’s
internal control over financial reporting as of December 31, 2007, based
on the framework set forth by the Committee of Sponsoring Organizations
of the Treadway Commission in Internal Control – Integrated Framework.
Based on that assessment, management concluded that, as of
December 31, 2007, the Corporation’s internal control over financial
reporting is effective based on the criteria established in Internal Control –
Integrated Framework.
The effectiveness of the Corporation’s internal control over financial report-
ing as of December 31, 2007, has been audited by PricewaterhouseCoopers,
LLP, an independent registered public accounting firm.
Kenneth D. Lewis
Chairman, Chief Executive Officer and President
Joe L. Price
Chief Financial Officer
112
Bank of America 2007