Capital One 1999 Annual Report Download - page 48

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47
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,
1999 and 1998, 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, 1999.
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 auditing stan-
dards generally accepted in the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
McLean, Virginia
January 18, 2000
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 state-
ment 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 consolidated financial
position of Capital One Financial Corporation at December 31,
1999 and 1998, and the consolidated results of its operations
and its cash flows for each of the three years in the period
ended December 31, 1999, in conformity with accounting prin-
ciples generally accepted in the United States.
report of independent auditors