Bank of America 2008 Annual Report Download - page 116

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 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 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 direc-
tors of the company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or dis-
position 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, 2008, 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,
2008, the Corporation’s internal control over financial reporting is effec-
tive based on the criteria established in Internal Control – Integrated
Framework.
The effectiveness of the Corporation’s internal control over financial
reporting as of December 31, 2008, has been audited by Pricewaterhou-
seCoopers, LLP, an independent registered public accounting firm.
Kenneth D. Lewis
Chairman, Chief Executive Officer and President
Joe L. Price
Chief Financial Officer
114 Bank of America 2008