Citibank 2010 Annual Report Download - page 149

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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,
2010 and 2009, 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, 2010, and the related consolidated balance
sheets of Citibank, N.A. and subsidiaries as of December 31, 2010 and
2009. 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, 2010 and 2009, and the results of its operations and its cash
flows for each of the years in the three-year period ended December 31, 2010,
and the financial position of Citibank, N.A. and subsidiaries as of December
31, 2010 and 2009, in conformity with U.S. generally accepted accounting
principles.
As discussed in Note 1 to the consolidated financial statements, in 2010
the Company changed its method of accounting for qualifying special
purpose entities, variable interest entities and embedded credit derivatives,
and 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, 2010, 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 25, 2011 expressed an unqualified
opinion on the effectiveness of the Company’s internal control over
financial reporting.
New York, New York
February 25, 2011