Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Company financial statements as part of the (complete)
financial statements
The (complete) financial statements of Rabobank 2015 include
the 'Consolidated financial statements 2015 Rabobank Group'
and the 'Financial statements 2015 Rabobank'. For a proper
understanding of the financial position and result the company
financial statements must be considered in connection with
the consolidated financial statements. On 17 February 2016 we
issued a separate auditor's report on the consolidated financial
statements.
Responsibilities of management and the Supervisory Board
for the company financial statements
Management is responsible for the preparation and fair
presentation of the company financial statements in
accordance with Part 9 of Book 2 of the Dutch Civil Code,
and for the preparation of the management board report
in accordance with Part 9 of Book 2 of the Dutch Civil Code.
Furthermore, management is responsible for such internal
control as management determines is necessary to enable the
preparation of the company financial statements that are free
from material misstatement, whether due to fraud or error.
As part of the preparation of the company financial statements,
management is responsible for assessing Rabobank's ability to
continue as a going concern. Based on the financial reporting
framework mentioned, management should prepare the
company financial statements using the going concern basis
of accounting unless management either intends to liquidate
Rabobank or to cease operations, or has no realistic alternative
but to do so. Management should disclose events and
circumstances that may cast significant doubt on Rabobank's
ability to continue as a going concern in the company financial
statements.
The Supervisory Board is responsible for overseeing Rabobank's
financial reporting process.
Our responsibilities for the audit of the company financial
statements
Our objective is to plan and perform the audit assignment in
a manner that allows us to obtain sufficient and appropriate
audit evidence for our opinion.
Our audit has been performed with a high, but not absolute,
level of assurance, which means we may not have detected all
errors and fraud.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of
users taken on the basis of these company financial statements.
The materiality affects the nature, timing and extent of our
audit procedures and the evaluation of the effect of identified
misstatements on our opinion.
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 company 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 company 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. Flowever, future events
or conditions may cause Rabobank ceasing to continue as
a going concern.
Evaluating the overall presentation, structure and content of
the company financial statements, including the disclosures.
Evaluating whether the company financial statements
represent the underlying transactions and events in a manner
that achieves fair presentation.
295 Independent auditor's report
