Independent auditor's report
Report on the financial statements 2017
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
To: The General Members Council and Supervisory Board of Coöperatieve Rabobank U.A.
Our opinion
In our opinion:
the accompanying consolidated financial statements give a
true and fair view of the financial position of Coöperatieve
Rabobank U.A. as at 31 December 2017 and of its result
and cash flows for the year then ended 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 accompanying company financial statements give a
true and fair view of the financial position of Coöperatieve
Rabobank U.A. as at 31 December 2017 and of its result for
the year then ended in accordance with Part 9 of Book 2 of
the Dutch Civil Code.
What we have audited
We have audited the accompanying financial statements 2017
of Coöperatieve Rabobank U.A., Amsterdam ('Rabobank'or
'the Bank'or'company').The financial statements include the
consolidated financial statements of Coöperatieve Rabobank
U.A. and its subsidiaries (together:'the Group') and the company
financial statements.
The consolidated financial statements comprise:
the consolidated statement of financial position as at
31 December 2017;
the following statements for 2017: the consolidated
statement of income, the consolidated statements of
comprehensive income, changes in equity and cash flows;
and
the notes, comprising a summary of the significant
accounting policies and other explanatory information.
The company financial statements comprise:
the company statement of financial position as at
31 December 2017;
the company statement of income for the year then ended;
and
the notes, comprising a summary of the accounting policies
and other explanatory information.
The financial reporting framework that has been applied in
the preparation of the financial statements is EU-IFRS and the
relevant provisions of Part 9 of Book 2 of the Dutch Civil Code
for the consolidated financial statements and Part 9 of Book 2 of
the Dutch Civil Code for the company financial statements.
The 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 section 'Our
responsibilities for the audit of the financial statements'of our
report. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of Coöperatieve Rabobank U.A. in
accordance with the European Regulation on specific
requirements regarding statutory audit of public interest
entities, the'Wet toezicht accountantsorganisaties'(Wta,
Audit firms supervision act), the'Verordening inzake de
onafhankelijkheid van accountants bij assuranceopdrachten'
(ViO - Code of Ethics for Professional Accountants, a
regulation with respect to independence) and other relevant
independence requirements in the Netherlands. Furthermore,
we have complied with the 'Verordening gedrags- en
beroepsregels accountants'(VGBA - Code of Ethics for
Professional Accountants, a regulation with respect to rules of
professional conduct).
Our audit approach
Overview and context of the 2017 audit
Rabobank is an international financial services provider
operating on the basis of cooperative principles. Rabobank
operates globally in 40 countries with focus on banking in the
Netherlands and food and agri financing in the Netherlands
and abroad. Its operations include domestic retail banking,
wholesale banking, international rural and retail banking,
leasing and real estate. Rabobank is in the midst of a
transformation. During 2017 Rabobank continued executing
the'Strategic Framework 2016-2020'. The strategic objectives
that impact the financial statements directly are focussed on
Rabobank Annual Report 2017 - Company financial statements
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