Independent auditor's report
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
To: the general members'council of Coöperatieve
Rabobank U.A.
Report on the audit of the consolidated financial
statements 2015
Our opinion
We have audited the consolidated financial statements 2015
of Coöperatieve Rabobank U.A. (hereafter: Rabobank), based
in Amsterdam.
In our opinion, the consolidated financial statements give
a true and fair view of the financial position of Rabobank as at
31 December 2015 and of its result and its cash flows for 2015
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 consolidated financial statements comprise:
The consolidated statement of financial position as at
31 December 2015;
The following statements for 2015: consolidated statements
of income and comprehensive income, changes in equity and
cash flows; and
The notes comprising a summary of the significant
accounting policies and other explanatory information
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 Our responsibilities forthe audit of the consolidated
financial statements section of our report.
We are independent of Rabobank in accordance with the
Verordening inzake de onafhankelijkheid van accountants bij
assurance-opdrachten (ViO) and other relevant independence
regulations in the Netherlands. 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.
Materiality
Materiality EUR 150 million
Benchmark used 5% of operating profit before tax (rounded)
Additional We have applied operating profit before tax as this
explanation benchmark is an importance metric for the financial
performance of Rabobank.
We have also taken into account misstatements and/or possible
misstatements that in our opinion are material forthe users of
the financial statements for qualitative reasons.
We agreed with the Supervisory Board that misstatements
in earnings in excess of EUR 7.5 million, which are identified
during the audit, would be reported to them, as well as smaller
misstatements that in our view must be reported on qualitative
grounds.
Scope of the group audit
Rabobank is forfinancial reporting purposes head of a group
of entities. The financial information ofthis group is included in
the consolidated financial statements of Rabobank.
Our group audit mainly focused on significant group entities
in retail banking and wholesale banking globally as well as on
the leasing and real estate activities as well as on an associate in
insurance activities. We have:
used the work of other EY auditors when auditing entities
outside the Netherlands, as well as the audit of the real
estate activities;
used the work of other non-EY auditors when auditing the
entities in Ireland, as well as the audit of the leasing and
insurance activities;
performed audit procedures ourselves at the other group
entities in scope.
All these entities represented 87% of the consolidated
operating profit before taxation and 97% of total assets.
This provided us with the evidence we needed for our opinion
on the financial statements as a whole.The remaining entities
were considered to be immaterial.
246 Rabobank Annual Report 2015
