Appendix to our auditor's report on the financial statements
2018 of Coöperatieve Rabobank U.A.
In addition to what is included in our auditor's report, we have further set out in this appendix our
responsibilities for the audit of the financial statements and explained what an audit involves.
The auditor's responsibilities for the audit of the financial statements
We have exercised professional judgement and have maintained professional scepticism throughout
the audit in accordance with Dutch Standards on Auditing, ethical requirements and independence
requirements. Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error. Our audit
consisted, among other things, of the following:
Identifying and assessing the risks of material misstatement of the 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 intentional 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 the Bank's internal control.
Evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Managing Board.
Concluding on the appropriateness of the Managing Board's use of the going concern basis of
accounting, and based on the audit evidence obtained, concluding whether a material
uncertainty exists related to events and/or conditions that may cast significant doubt on the
Bank'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
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
and are made in the context of our opinion on the financial statements as a whole. However,
future events or conditions may cause the Bank to cease to continue as a going concern.
Evaluating the overall presentation, structure and content of the financial statements, including
the disclosures, and evaluating whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Considering our ultimate responsibility for the opinion on the Bank's financial statements, we are
responsible for the direction, supervision and performance of the group audit. In this context, we have
determined the nature and extent of the audit procedures for components of the group to ensure that
we performed enough work to be able to give an opinion on the financial statements as a whole.
Determining factors are the geographic structure of the group, the significance and/or risk profile of
group entities or activities, the accounting processes and controls, and the industry in which the group
operates. On this basis, we selected group entities for which an audit or review of financial information
or specific balances was considered necessary.
Coöperatieve Rabobank UA. - EH44X5NCPJUJ-1288894667-935
Page 16 of 17
About this Chairman's Corporate Consolidated Financial Company Financial
Report Foreword Management Report Appendices Governance Statements Statements