Capital One 1997 Annual Report Download - page 41

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The Board of Directors and Stockholders
Capital One Financial Corporation
We have audited the accompanying consolidated balance sheets
of Capital One Financial Corporation as of December 31, 1997
and 1996, and the related consolidated statements of income,
changes in stockholders’ equity, and cash flows for each of the three
years in the period ended December 31, 1997.These financial state-
ments 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 per-
form the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating
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 pre-
sent fairly, in all material respects, the consolidated financial posi-
tion of Capital One Financial Corporation at December 31, 1997
and 1996, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31,
1997, in conformity with generally accepted accounting principles.
As discussed in Note A to the consolidated financial statements,
in 1997 the Company adopted Statement of Financial Accounting
Standards No. 125, “Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities.”
Washington, D.C.
January 15, 1998
Report of Independent Auditors
PAGE 39