Citibank 2008 Annual Report Download - page 120

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM—
CONSOLIDATED FINANCIAL STATEMENTS
The Board of Directors and Stockholders
Citigroup Inc.:
We have audited the accompanying consolidated balance sheets of Citigroup
Inc. and subsidiaries (the “Company” or “Citigroup”) as of December 31,
2008 and 2007, and the related consolidated statements of income, changes
in stockholders’ equity and cash flows for each of the years in the three-year
period ended December 31, 2008, and the related consolidated balance sheets
of Citibank, N.A. and subsidiaries as of December 31, 2008 and 2007. These
consolidated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these
consolidated 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 consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Citigroup as
of December 31, 2008 and 2007, the results of its operations and its cash
flows for each of the years in the three-year period ended December 31, 2008,
and the financial position of Citibank, N.A. and subsidiaries as of
December 31, 2008 and 2007, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 1 to the consolidated financial statements, in 2007
the Company changed its methods of accounting for fair value
measurements, the fair value option for financial assets and financial
liabilities, uncertainty in income taxes and cash flows relating to income
taxes generated by a leverage lease transaction.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), Citigroup’s internal
control over financial reporting as of December 31, 2008, based on criteria
established in Internal Control—Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission
(COSO), and our report dated February 27, 2009 expressed an unqualified
opinion on the effectiveness of the Company’s internal control over financial
reporting.
/s/ KPMG LLPNew York, New York
February 27, 2009
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