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 company financial
statements 2015
Our opinion
We have audited the company financial statements 2015 of
Coöperatieve Rabobank U.A. (hereafter: Rabobank), based
in Amsterdam.
In our opinion, the company financial statements give a true
and fair view of the financial position of Rabobank as at
31 December 2015 and of its result for 2015 in accordance with
Part 9 of Book 2 of the Dutch Civil Code.
The company financial statements comprise:
The company statement of financial position as at
31 December 2015;
The company statement of income for 2015; 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 for the audit of the company 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) as presented in
the consolidated financial statements
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 for the 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.
Our key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements. We have communicated the key audit
matters to the Supervisory Board. The key audit matters are not
a comprehensive reflection of all matters discussed.
These matters were addressed in the context of our audit
of the financial statements as a whole and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters.
293 Independent auditor's report
