Citibank 2009 Annual Report Download - page 128

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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, 2009 and 2008, 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, 2009, and the related
consolidated balance sheets of Citibank, N.A. and subsidiaries as of December
31, 2009 and 2008. 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, 2009 and 2008, and the results of its operations and its
cash flows for each of the years in the three-year period ended December
31, 2009, and the financial position of Citibank, N.A. and subsidiaries as of
December 31, 2009 and 2008, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 1 to the consolidated financial statements, in
2009, the Company changed its method of accounting for other-than-
temporary impairments on investment securities, business combinations,
noncontrolling interests in subsidiaries, and earnings per share.
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, 2009, 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 26, 2010 expressed an unqualified
opinion on the effectiveness of the Company’s internal control over
financial reporting.
New York, New York
February 26, 2010