Independent auditor's Assurance Report
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
To: the executive board and supervisory board of
Coöperatieve Rabobank U.A.
Scope
We have performed an assurance engagement on the
effectiveness of internal control over the consolidated financial
reporting of Coöperatieve Rabobank U.A. (hereafter: Rabobank)
as at 31 December 2015.
A company's internal control over financial reporting is
a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
consolidated financial statements in accordance with generally
accepted accounting policies. A company's internal control over
financial reporting includes those policies and procedures that:
1. pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company;
2. provide reasonable assurance that transactions are recorded
as necessary to permit preparation of consolidated financial
statements in accordance with International Financial
Reporting Standards as adopted in the European Union and
by Part 9 of Book 2 of the Dutch Civil Code, and that receipts
and expenditures of the company are being made only
in accordance with authorisations of management of the
company; and
3. provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of
the company's assets that could have a material effect on the
consolidated financial statements.
Executive Board's responsibility
The Executive Board of Rabobank is responsible for maintaining
effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial
reporting.
The statement of the Executive Board regarding its assessment
of the effectiveness of internal control over financial reporting is
included on page 103.
Auditor's responsibility
Our responsibility is to conclude on the effectiveness of
Rabobank's internal control over the consolidated financial
reporting as at 31 December 2015, based on the procedures
performed during our assurance engagement. We conducted
our assurance engagement in accordance with Dutch law,
including ISAE 3000 Assurance engagements other than
audits or reviews of historical financial information based on
criteria established in Internal Control - Integrated Framework,
issued by the Committee of Sponsoring Organisations of the
Treadway Commission (2013 framework),(the COSO criteria).
This requires that we comply with ethical requirements and
plan and perform the assurance engagement to obtain
reasonable assurance about whether effective internal
control over financial reporting was maintained in all material
respects. Our assurance engagement included obtaining
an understanding of internal control over financial reporting,
evaluating the assessment of Rabobank's Executive Board,
testing and evaluate the design and operating effectiveness
of internal control, and performing such other procedures as
we considered necessary in the circumstances. We believe that
the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Inherent limitations
Because of its inherent limitations, internal control overfinancial
reporting may not prevent or detect all misstatements or
omissions. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
Opinion
Our opinion is formed based on the matters as explained in this
assurance report. In our opinion the internal control over the
consolidated financial reporting as at 31 December 2015 by
Rabobank is in all material respects effective in accordance with
the COSO criteria.
Amsterdam, 17 February 2016
Ernst Young Accountants LLP
signed by C.B. Boogaart
250 Rabobank Annual Report 2015
