SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Item 15: Controls and Procedures 191
Annual Report 2010 on Form 20-F
Item 15: Controls and Procedures
Disclosure Controls and Procedures
An evaluation was carried out under the supervision and with the participation of our management, including
our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our
disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934)
as of December 31, 2010. There are, as described below, inherent limitations to the effectiveness of any control
system, including disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures
can provide only reasonable assurance of achieving their control objectives. Based upon such evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of our disclosure
controls and procedures were effective as of December 31, 2010.
Management’s Annual Report on Internal Control over Financial Reporting
Management of Deutsche Bank Aktiengesellschaft, together with its consolidated subsidiaries, is responsible
for establishing and maintaining adequate internal control over financial reporting. Our internal control over
financial reporting is a process designed under the supervision of the our principal executive officer and our
principal financial officer to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of the firm’s financial statements for external reporting purposes in accordance with International
Financial Reporting Standards. As of December 31, 2010, management conducted an assessment of the effectiveness
of our internal control over financial reporting based on the framework established in Internal Control
– Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). This assessment of the effectiveness of internal control over financial reporting as of December 31,
2010 excludes internal controls relating to Deutsche Postbank AG (“Postbank”), which was initially consolidated
on December 3, 2010. Of our € 1,905.6 billion in total assets as of December 31, 2010, € 214.4 billion were
attributable to the consolidated Postbank, and, following consolidation on December 3, 2010, Postbank contributed
net revenues and net income of € 423 million and € 62 million, respectively, to our income statement.
Based on the assessment performed, management has determined that our internal control over financial
reporting as of December 31, 2010 was effective based on the COSO framework.
KPMG AG Wirtschaftsprüfungsgesellschaft, the registered public accounting firm that audited the financial
statements included in this document, has issued an attestation report on our internal control over financial
reporting, which attestation report is set forth below.
Report of Independent Registered Public Accounting Firm
To the Supervisory Board of
Deutsche Bank Aktiengesellschaft:
We have audited Deutsche Bank Aktiengesellschaft and subsidiaries’ (the “Company” or “Deutsche Bank”) internal
control over financial reporting as of December 31, 2010, based on criteria established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). The Company’s management is responsible 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 ‘Management’s Annual Report on Internal Control over Financial Reporting’. Our responsibility is
to express an opinion on the Company’s internal control over financial reporting based on our audit.