Capital One 2012 Annual Report Download - page 150

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 (the
“Company” or “Capital One”) as of December 31, 2012 and 2011, and the related consolidated statements of
income, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the
period ended December 31, 2012. 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, 2012 and 2011, and the consolidated
results of its operations and its cash flows for each of the three years in the period ended December 31, 2012, 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.
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,
2012, based on criteria established in Internal Control-Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission and our report dated February 28, 2013 expressed an
unqualified opinion thereon.
/s/ Ernst & Young LLP
McLean, Virginia
February 28, 2013
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