Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Our audit of the information presented in the indicators in
Appendix 3, as well as the specified audited indicators in
Appendix 2 in the 2017 Annual Report have been performed
with a high, but not absolute, level of assurance, which means
we may not have detected all material errors or fraud.
Misstatements may arise due to fraud or error and are
considered to be material if, individually or in the aggregate,
they could reasonably be expected to influence the decisions
of users taken on the basis of the information.The materiality
criteria used affects the nature, timing and extent of our review
and audit, as well as the evaluation of the effect of identified
misstatements on our conclusion and our opinion.
Procedures performed
We have exercised professional judgement and have
maintained professional scepticism throughout the assurance
engagement, in accordance with the Dutch Standard 381 ON,
ethical requirements and independence requirements.
Our main procedures included among others:
Performing an external environment analysis and obtaining
insight into relevant social themes and issues, relevant laws
and regulations and the characteristics of the organization.
Identifying and assessing the risks of material misstatement
of the report, whether due to errors or fraud, designing and
performing review procedures responsive to those risks, and
obtaining review evidence that is sufficient and appropriate
to provide a basis for our conclusion.The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from errors, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
Developing an understanding of internal control relevant
to the assurance engagement in order to design assurance
procedures that are appropriate in the circumstances, but
not for the purpose of expressing a conclusion on the
effectiveness of the company's internal control.
Evaluating the appropriateness of the reporting criteria used
and its consistent application, including the evaluation of the
results of the stakeholders'dialogue and the reasonableness
of estimates made by management and related disclosures in
the report.
Evaluating the overall presentation, structure and content of
the report, including the disclosures.
Evaluating whether report represents the underlying
transactions and events free from material misstatement.
Interviewing management and relevant staff at corporate
level, responsible for providing the information in the report,
carrying out internal control procedures on the data and
consolidating the data in the report.
Reviewing internal and external documentation to
determine whether the information, including the
disclosure, presentation and assertions made in the report, is
substantiated adequately.
Obtaining an understanding ofthe procedures performed by
the internal audit department of Rabobank.
An analytical review ofthe data and trends submitted for
consolidation at corporate level and within the industry.
Assessing the consistency ofthe information within the
management chapters and the information included in the
Annual Report 2017 which is not in scope for this assurance
report.
Assessing whether the information has been prepared'in
accordance'with the Sustainability Reporting Standards of
the Global Reporting Initiative and the internally applied
reporting criteria as described in Appendix 1:"About
this report"and Appendix 2:"Non-financial KPI's results
methodology definitions".
We communicate with the Supervisory Board on the planned
scope and timing ofthe engagement and on the significant
findings that result from our engagement, including significant
shortcomings in the internal controls.
Amsterdam, 8 March 2018
PricewaterhouseCoopers Accountants N.V.
Original has been signed by P.J. van Mierlo RA
Rabobank Annual Report 2017 - Company financial statements
279
