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2010 PWC AUDIT OPINION_BOFA - Report of Independent...

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Unformatted text preview: Report of Independent Registered Public Accounting Firm Bank of America Corporation and Subisdlarles To the Board of Directors and Shareholders of Bank of America Corporation: In our opinion. the accompanying Consolidated Balance Sheet and the related Consolidated-Statement of Income. Consolidated Statement of Changes in Shareholders' Equity and Consolidated Statement of Cash Flows present fairly, in all material respects. the financial position of Bank of America Corporation and its subsidiaries at December 31. 2010 and 2009. and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion. the Corporation maintained. in all material respects. effective inter— nal control over financial reporting as of December 31. 2010. based on criteria established in internal Control — lntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission(COSO). The Corporation's management is responsible for these financial statements. for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express opinions on these finan- cial statements and on the Corporation’s internal control over financial reporting based on our integrated audits. We conducted our audits in accor- dance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining. on atest basis, evidence supporting the amounts and disclosures in the financial statements. assessing the accounting principles used and significant estimates made by management. and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting. assessing the risk that a material weakness exists, and. testing and evaluating the design and operating effec- tiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. A company‘s internal control over financial reporting is a process de signed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's in ternai 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 company; (ii) provide reasonable assurance that transactions are re corded as necessary to permit preparation of financial statements in accor- dance with generally accepted accounting principles. and that receipts and expenditures of the company are being made only in accordance with autho rlzatlons of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unautho rized 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. :Pf‘r'cudaakrhuw: LLP Charlotte. North Carolina February 25. 2011 ...
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