ING Direct 2009 Annual Report Download - page 267

To the Shareholders, the Supervisory Board and the Executive Board of ING Groep N.V.
REPORT ON THE ANNUAL ACCOUNTS
We have audited the annual accounts 2009 of ING Groep N.V., Amsterdam (as set out on pages 90 to 264). The annual accounts consist
of the consolidated annual accounts and the parent company annual accounts. The consolidated annual accounts comprise the
consolidated balance sheet as at 31 December 2009, the profit and loss account, statement of other comprehensive income, statement of
changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory notes. The parent company annual accounts comprise the parent company balance sheet as at 31 December 2009, the parent
company profit and loss account for the year then ended and the notes.
Management’s responsibility
Management of the company is responsible for the preparation and fair presentation of the annual accounts in accordance with
International Financial Reporting Standards as adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code, and for
the preparation of the report of the Executive Board in accordance with Part 9 of Book 2 of the Dutch Civil Code. This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the annual
accounts that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies;
and making accounting estimates that are reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on the annual accounts based on our audit. We conducted our audit in accordance with Dutch
law and the standards of the Public Company Accounting Oversight Board (United States). This law and these standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the annual accounts are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the annual
accounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the annual accounts.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion with respect to the consolidated annual accounts
In our opinion, the consolidated annual accounts give a true and fair view of the financial position of ING Groep N.V. as at 31 December
2009, and of its result and its cash flows for the year then ended in accordance with International Financial Reporting Standards as
adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code.
Opinion with respect to the parent company annual accounts
In our opinion, the parent company annual accounts give a true and fair view of the financial position of ING Groep N.V. as at
31 December 2009 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.
REPORT ON OTHER LEGAL REQUIREMENTS
Pursuant to the legal requirement under 2:393 sub 5 part f of the Dutch Civil Code, we report, to the extent of our competence,
that the report of the Executive Board is consistent with the annual accounts as required by 2:391 sub 4 of the Dutch Civil Code.
Amsterdam, 15 March 2010
For Ernst & Young Accountants LLP
signed by C.B. Boogaart
ING Group Annual Report 2009 265
2.3 Other information
Auditor’s report