Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
We have exercised professional judgment and have maintained
professional skepticism throughout the audit, in accordance
with Dutch Standards on Auditing, ethical requirements and
independence requirements. Our audit included e.g.:
Identifying and assessing the risks of material misstatement
of the consolidated financial statements, whether due to
fraud or error, designing and performing audit procedures
responsive to those risks, and obtaining audit evidence that is
sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Obtaining an understanding of internal control relevant
to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of Rabobank's
internal control.
Evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.
Concluding on the appropriateness of management's use
of the going concern basis of accounting and based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant
doubt on Rabobank's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the
related disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our auditor's report. However, future events
or conditions may cause Rabobank ceasing to continue as
a going concern.
Evaluating the overall presentation, structure and content
of the consolidated financial statements, including the
disclosures.
Evaluating whether the consolidated financial statements
represent the underlying transactions and events in a manner
that achieves fair presentation.
Because we are ultimately responsible for the opinion, we are
also responsible for directing, supervising and performing the
group audit. In this respect we have determined the nature
and extent of the audit procedures to be carried out for group
entities. Decisive were the size and/or the risk profile of the
group entities or operations. On this basis, we selected group
entities for which an audit or review had to be carried out on
the complete set of financial information or specific items.
We communicate with the Supervisory Board regarding, among
other matters, the planned scope and timing of the audit and
significant audit findings, including any significant findings in
internal control that we identify during our audit.
We provide the Supervisory Board with a statement that we
have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
From the matters communicated with the Supervisory Board,
we determine those matters that were of most significance in
the audit of the consolidated financial statements of the current
period and are therefore the key audit matters. We describe
these matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstances, when not communicating the
matter is in the public interest.
Report on other legal and regulatory requirements
Report on the management board report and the other
information
Pursuant to legal requirements of Part 9 of Book 2 of the Dutch
Civil Code (concerning our obligation to report about the
management board report and other information):
We have no deficiencies to report as a result of our
examination whether the management board report, to the
extent we can assess, has been prepared in accordance with
Part 9 of Book 2 of the Dutch Civil Code, and whether the
information as required by Part 9 of Book 2 of the Dutch Civil
Code has been annexed.
We report that the management board report, to the extent
we can assess, is consistent with the financial statements.
Engagement
We were engaged as auditor of Coöperatieve Rabobank U.A.
as of the audit for the year 1972 and have operated as statutory
auditor ever since that date.
Amsterdam, 17 February 2016
Ernst Young Accountants LLP
signed by C.B. Boogaart
249 Independent auditor's report
