RBS 2007 Annual Report Download - page 121
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RBS Group • Annual Report and Accounts 2007
Financial statements
UK opinion
In our opinion:
•the Group financial statements give a true and fair view, in
accordance with IFRS as adopted by the European Union,
of the state of the Group’s affairs as at 31 December 2007
and of its profit and cash flows for the year then ended;
•the company financial statements give a true and fair view,
in accordance with IFRS as adopted by the European
Union as applied in accordance with the provisions of the
companies Act 1985, of the state of affairs of the company
as at 31 December 2007;
•the financial statements and the part of the directors’
remuneration report described as having been audited
have been properly prepared in accordance with the
Companies Act 1985 and, as regards the Group financial
statements, Article 4 of the IAS Regulation; and
•the information given in the directors’ report is consistent
with the financial statements.
Separate opinion in relation to IFRS
As explained in the accounting policies, the Group, in addition
to complying with its legal obligation to comply with IFRS as
adopted by the European Union, has also complied with IFRS
as issued by the International Accounting Standards Board
(IASB).
In our opinion the financial statements give a true and fair view,
in accordance with IFRS, of the state of the Group’s affairs as
at 31 December 2007 and of its profit and cash flows for the
year then ended.
US opinion
In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Group as at
31 December 2007 and 2006 and the results of its operations
and its cash flows for each of the three years in the period
ended 31 December 2007, in conformity with IFRS as adopted
for use in the European Union and IFRS as issued by the IASB.
We have also audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
the Group’s internal control over financial reporting as at
31 December 2007, based on the criteria established in
Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organisations of the Treadway
Commission. Management excluded from its assessment the
internal control over financial reporting of ABN AMRO Holding
N.V., and its subsidiaries which was acquired on 17 October
2007. Accordingly, our audit did not include the internal control
over financial reporting in ABN AMRO Holding N.V. and its
subsidiaries. ABN AMRO Holdings N.V. represented 40.7% of
the Group’s total assets, a negligible proportion of the
shareholders’ total equity, 7.7% of the Group’s total income
and 0.2% of the Group’s profit after tax as of and for the year
ended 31 December 2007.
Our report dated 27 February 2008 which will be included
in the Annual Report on Form 20-F for the year ended
31 December 2007 to be filed with the Securities and
Exchange Commission, expressed an unqualified opinion on
the effectiveness of the Group’s internal control over financial
reporting of the Group excluding ABN AMRO Holding N.V. and
its subsidiaries.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
Edinburgh, United Kingdom
27 February 2008
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may have occurred to the financial information since first published. These matters are the responsibility of the directors but no control procedures can provide absolute assurance
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