Bank of America 2010 Annual Report Download - page 141

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 in-
cludes 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 Corporation; (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 Corporation are being made only in accordance with authorizations of
management and directors of the Corporation; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisi-
tion, use, or disposition of the Corporation’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, 2010 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, 2010,
the Corporation’s internal control over financial reporting is effective based
on the criteria established in Internal Control – Integrated Framework.
The Corporation’s internal control over financial reporting as of Decem-
ber 31, 2010 has been audited by PricewaterhouseCoopers, LLP, an inde-
pendent registered public accounting firm, as stated in their accompanying
report which expresses an unqualified opinion on the effectiveness of the
Corporation’s internal control over financial reporting as of December 31,
2010.
Brian T. Moynihan
Chief Executive Officer and President
Charles H. Noski
Chief Financial Officer and Executive Vice President
Bank of America 2010 139