Capital One 2010 Annual Report Download - page 204

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184
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders of Capital One Financial Corporation:
We have audited the accompanying consolidated balance sheets of Capital One Financial Corporation as of December 31, 2010 and
2009, and the related consolidated statements of income, stockholders' equity, and cash flows for each of the three years in the period
ended December 31, 2010. 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 the standards of the Public Company Accounting Oversight Board (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 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 present fairly, in all material respects, the consolidated financial position of
Capital One Financial Corporation at December 31, 2010 and 2009, and the consolidated results of its operations and its cash flows for
each of the three years in the period ended December 31, 2010, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for transfers of
financial assets and consolidations effective January 1, 2010. As discussed in Note 4 to the consolidated financial statements, in 2009
the Company changed its method of accounting for the impairment of debt securities.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Capital
One Financial Corporation's internal control over financial reporting as of December 31, 2010, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report
dated March 1, 2011 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
McLean, Virginia
March 1, 2011