Independent auditor's report
Report on the financial statements 2016
Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3
To: The General Members Council and Supervisory Board of Coöperatieve Rabobank U.A.
Our opinion
In our opinion:
the accompanying consolidated financial statements give
a true and fair view of the financial position of Coöperatieve
Rabobank U.A. as at 31 December 2016 and of its result
and cash flows for the year then ended in accordance with
International Financial Reporting Standards as adopted by
the European Union (EU-IFRS) and with Part 9 of Book 2 of the
Dutch Civil Code;
the accompanying company financial statements give
a true and fair view of the financial position of Coöperatieve
Rabobank U.A. as at 31 December 2016 and of its result for
the year then ended in accordance with Part 9 of Book 2 of
the Dutch Civil Code.
What we have audited
We have audited the accompanying financial statements
2016 of Coöperatieve Rabobank U.A., Amsterdam ('Rabobank'
or'the Bank'or'company').Thefinancial statements include
the consolidated financial statements of Coöperatieve
Rabobank U.A. and its subsidiaries (together: 'the Group') and
the company financial statements.
The consolidated financial statements comprise:
the consolidated statement of financial position as at
31 December 2016;
the following statements for 2016: the consolidated
statement of income, the consolidated statements of
comprehensive income, changes in equity and cash flows;
and
the notes, comprising a summary of the significant
accounting policies and other explanatory information.
The company financial statements comprise:
the company statement of financial position as at
31 December 2016;
the company statement of income for the year then ended;
the notes, comprising a summary of the accounting policies
and other explanatory information.
The financial reporting framework that has been applied in
the preparation of the financial statements is EU-IFRS and the
relevant provisions of Part 9 of Book 2 of the Dutch Civil Code
for the consolidated financial statements and Part 9 of Book 2 of
the Dutch Civil Code for the company financial statements.
The basis for our opinion
We conducted our audit in accordance with Dutch law,
including the Dutch Standards on Auditing. Our responsibilities
under those standards are further described in the section
'Our responsibilities for the audit of the financial statements'of
our report.
Independence
We are independent of Coöperatieve
Rabobank U.A. in accordance with the 'Verordening inzake de
onafhankelijkheid van accountants bij assuranceopdrachten'
(ViO) and other relevant independence requirements
in the Netherlands. During 2016, a PwC team outside
The Netherlands, not involved in the audit of the financial
statements 2016 of Coöperatieve Rabobank U.A., conducted
an assurance related (Agreed-upon-Procedures) engagement
at the joint request of, and for, a branch of Coöperatieve
Rabobank U.A. and a foreign bank, with a contracted fee value
of less than 0.1 of PwC's audit fees for the consolidated
financial statements 2016. Underthe Dutch independence
rules this assurance related engagement is a non-permissible
service, and should therefore not have been commenced.
Upon identification, the assurance related engagement was
immediately terminated and the related fees were not billed
to Coöperatieve Rabobank U.A. We consulted with the Audit
Committee and reported the incident to the Dutch regulator.
The Audit Committee agreed with our conclusion that due
to the nature and the limited size of the engagement our
independence was not compromised, to which the Dutch
regulator has not objected. Furthermore, we have complied
with the 'Verordening gedrags- en beroepsregels accountants'
(VGBA).
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
245 Independent auditor's report