RBS 2009 Annual Report Download - page 242

Independent auditors’ report to the members of The Royal Bank of Scotland Group plc
RBS Group Annual Report and Accounts 2009240
We have audited the financial statements of The Royal Bank of Scotland
Group plc (the “company”) and its subsidiaries (together the “Group”)
for the year ended 31 December 2009 which comprise the accounting
policies, the balance sheets as at 31 December 2009, the consolidated
income statement, the consolidated statement of comprehensive
income, the statements of changes in equity and the cash flow
statements for the year ended 31 December 2009, the related Notes 1
to 42 and the information identified as ‘audited’ in the Risk, capital and
liquidity management section of the Business review. The financial
reporting framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards (IFRS)
as adopted by the European Union.
This report is made solely to the company’s members, as a body, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our
audit work has been undertaken so that we might state to the
company’s members those matters we are required to state to them in
an auditors’ report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of directors’ responsibilities,
the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit the financial statements and the part of the
Directors' remuneration report described as having been audited in
accordance with applicable law and International Standards on Auditing
(UK and Ireland). Those standards require us to comply with the
Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit on the financial statements
An audit involves obtaining evidence about the amounts and disclosures
in the financial statements sufficient to give reasonable assurance that the
financial statements are free from material misstatement, whether caused
by fraud or error. This includes an assessment of: the reasonableness of
significant accounting estimates made by the directors in the preparation
of the financial statements; whether the accounting policies are
appropriate to the circumstances of the company and the Group and
have been consistently applied and adequately disclosed; and the overall
presentation of the financial statements.
Opinion
In our opinion:
•the financial statements give a true and fair view of the state of the
Group's and of the company’s affairs as at 31 December 2009 and
of the Group’s loss for the year then ended;
•the Group and company’s financial statements have been properly
prepared in accordance with IFRS as adopted by the European
Union; and
•the financial statements and the part of the Directors' remuneration
report described as having been audited have been prepared in
accordance with the requirements of the Companies Act 2006 and,
as regards the Group financial statements, Article 4 of the IAS
Regulation.
Separate opinion in relation to IFRS as issued by the IASB
As explained in the accounting policies, the Group has prepared
financial statements that comply with IFRS as adopted by the European
Union, and with IFRS as issued by the International Accounting
Standards Board (IASB).
In our opinion the Group financial statements comply with IFRS as
issued by the IASB.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
•the part of the Directors’ remuneration report described as having
been audited has been properly prepared in accordance with the
Companies Act 2006; and
•the information given in the Directors’ report for the financial year for
which the financial statements are prepared is consistent with the
financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in
our opinion:
•adequate accounting records have not been kept by the company, or
returns adequate for our audit have not been received from branches
not visited by us; or
•the parent company financial statements and the part of the
Directors’ remuneration report described as having been audited are
not in agreement with the accounting records and returns; or
•certain disclosures of directors’ remuneration specified by law are
not made; or
•we have not received all the information and explanations we require
for our audit.
Under the Listing Rules we are required to review:
•the directors’ statement contained within the Directors’ report in
relation to going concern; and
•the part of the corporate governance statement relating to the
company’s compliance with the nine provisions of the June 2008
Combined Code specified for our review.
Stephen Almond (Senior Statutory Auditor)
for and on behalf of Deloitte LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
24 February 2010
Neither an audit nor a review provides assurance on the maintenance and integrity of the website,
including controls used to achieve this, and in particular on whether any changes 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 in this area.
Legislation in the United Kingdom governing the preparation and dissemination of financial
statements differs from legislation in other jurisdictions.