Assurance report of the Independent auditor
Assurance report on the effectiveness of internal control over
the consolidated financial statements
What we have audited
The basis for our opinion
Independence and quality control
About this Chairman's Corporate Consolidated Financial Company Financial
Report Foreword Management Report Appendices Governance Statements Statements
To: The General Members Council and Supervisory Board of Coöperatieve Rabobank U.A.
In our opinion the statement of the Managing Board of Rabobank regarding its assessment of the
effectiveness of internal control over the consolidated financial statements of Rabobank as of
31 December 2018, is prepared in all material respects, in accordance with the criteria based on the
framework set out in 2013 by the Committee of Sponsoring Organisations of the Treadway Commission
(COSO), as defined in Internal Control - Integrated Framework.
The object of our assurance engagement concerns the effectiveness of the internal control over the
consolidated financial statements of Coöperatieve Rabobank U.A. (hereafter: Rabobank) as at
31 December 2018 (hereafter: 'the internal control').
We conducted our assurance engagement, in accordance with Dutch law, including the Dutch Standard
3000A 'Assurance engagements, other than audits or reviews of historical financial information
(attestation-engagements)' ('Assurance-opdrachten anders dan opdrachten tot controle of beoordeling
van historische financiële informatie (attest-opdrachten)'). This assurance engagement is aimed to
provide reasonable assurance. Our responsibilities under this standard are further described in the
section 'Our responsibilities for the assurance engagement' of our report.
We believe that the assurance information we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of Rabobank in accordance with the 'Code of Ethics for Professional Accountants, a
regulation with respect to independence' ('Verordening inzake de onafhankelijkheid van accountants bij
assurance-opdrachten' - ViO) and other relevant independence requirements in the Netherlands.
Furthermore we have complied with the 'Code of Ethics for Professional Accountants, a regulation with
respect to rules of professional conduct' ('Verordening gedrags- en beroepsregels accountants' - VGBA).
We apply the 'detailed rules for quality systems' ('Nadere voorschriften kwaliteitssystemen') and
accordingly maintain a comprehensive system of quality control including documented policies and
procedures regarding compliance with ethical requirements, professional standards and other applicable
legal and regulatory requirements.
PricewaterhouseCoopers Accountants N.V., Thomas R. Malthusstraat 5,1066 JR Amsterdam, P.O. Box 90357,
1006 BJ Amsterdam, the Netherlands
T: +31 (o) 88 792 00 20, F: +31 (o) 88 792 96 40, www.pwc.nl
'PwC' is the brand under which PricewaterhouseCoopers Accountants N.V. (Chamber of Commerce 34180285), PricewaterhouseCoopers Belastingadviseurs N.V. (Chamber
of Commerce 34180284), PricewaterhouseCoopers Advisory N.V. (Chamber of Commerce 34180287), PricewaterhouseCoopers Compliance Services B.V. (Chamber of
Commerce 51414406), PricewaterhouseCoopers Pensions, Actuarial Insurance Services B.V. (Chamber of Commerce 54226368), PricewaterhouseCoopers B.V. (Chamber
of Commerce 34180289) and other companies operate and provide services. These services are governed by General Terms and Conditions ('algemene voorwaarden'), which
include provisions regarding our liability. Purchases by these companies are governed by General Terms and Conditions of Purchase ('algemene inkoopvoorwaarden'). At
www.pwc.nl more detailed information on these companies is available, including these General Terms and Conditions and the General Terms and Conditions of Purchase,
which have also been filed at the Amsterdam Chamber of Commerce.
Annual Report 2018 - Company Financial Statements