Capital One 1996 Annual Report Download - page 41

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Capital One 39
We have audited the accompanying consolidated bal-
ance sheets of Capital One Financial Corporation as
of December 31, 1996 and 1995, and the related consolidat-
ed statements of income, changes in stockholders’ equity,
and cash flows for each of the three years in the period
ended December 31, 1996. These financial statements are
the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with
generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain rea-
sonable assurance about whether the financial statements
are free of material misstatement. An audit includes exam-
ining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used and sig-
nificant estimates made by management, as well as evalu-
ating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the consoli-
dated financial position of Capital One Financial
Corporation at December 31, 1996 and 1995, and the con-
solidated results of its operations and its cash flows for
each of the three years in the period ended December 31,
1996, in conformity with generally accepted accounting
principles.
Washington, D.C.
January 21, 1997
Report of Independent Auditors
Board of Directors and Stockholders
Capital One Financial Corporation