When assessing the effectiveness of internal control over financial reporting and compliance with financial-related laws and regulations, management must follow the assessment process contained in Appendix A. Annually, management must provide assurances on internal control in its Performance and Accountability Report, including a separate assurance on internal control over financial reporting, along with a report on identified material weaknesses and corrective actions.

WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House

In addition, although we continually review and evaluate internal control systems to allow management to report on the sufficiency of our internal controls, we cannot assure you that we will not discover additional weaknesses in our internal control over financial reporting.

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Management shall consistently apply the internal control standards to meet each of the internal control objectives and to assess internal control effectiveness.

WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House

A-123 defines management's responsibility for internal control in Federal agencies.

WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House

Management is responsible for establishing and maintaining internal control to achieve the objectives of effective and efficient operations, reliable financial reporting, and compliance with applicable laws and regulations.

WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House

However, we can provide no assurance at this time that management will be able to report that our internal control over financial reporting is effective as of December 31, 2012, or that our registered public accounting firm will be able to attest that such internal controls are effective.

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On July 13, 2012, JPMorgan management, not PwC the auditors, reported that a material weakness existed in its internal control over financial reporting as of March 31, 2012.

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