Capital One 2000 Annual Report Download - page 45

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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, 2000 and
1999, 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, 2000. These financial statements
are the responsibility of the Company’s management. Our respon-
sibility 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 mate-
rial misstatement. An audit includes examining, on a test basis,
McLean, Virginia
January 16, 2001, except for Note E as
to which the date is February 6, 2001
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting prin-
ciples 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 pres-
ent fairly, in all material respects, the consolidated financial position
of Capital One Financial Corporation at December 31, 2000 and
1999, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31,
2000, in conformity with accounting principles generally accepted
in the United States.
report of independent auditors 43
Report of Independent Auditors