Citibank 2011 Annual Report Download - page 149

127
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,
2011 and 2010, 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, 2011. 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.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM—
CONSOLIDATED FINANCIAL STATEMENTS
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, 2011 and 2010, and the results of its operations and its cash
flows for each of the years in the three-year period ended December 31, 2011,
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.
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, 2011, 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 24, 2012 expressed an unqualified opinion on
the effectiveness of the Company’s internal control over financial reporting.
New York, New York
February 24, 2012