ING Direct 2009 Annual Report Download - page 77

We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the
consolidated balance sheet of ING Groep N.V. as of 31 December
2009, the consolidated profit and loss account, consolidated
statement of comprehensive income, consolidated statement of
cash flows and consolidated statement of changes in equity for the
year then ended. Our report dated 15 March 2010 expressed an
unqualified opinion thereon.
AMSTERDAM, 15 MARCH 2010
ERNST & YOUNG ACCOUNTANTS LLP
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
TO THE SHAREHOLDERS, THE SUPERVISORY BOARD AND
THE EXECUTIVE BOARD OF ING GROEP N.V.
We have audited ING Groep N.V.’s internal control over financial
reporting as of 31 December 2009, based on criteria established in
Internal Control – Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission (the
COSO criteria). ING Groep N.V.’s management is responsible for
maintaining effective internal control over financial reporting, and
for its assessment of the effectiveness of internal control over
financial reporting included in the accompanying Report of the
Executive Board on Internal Control Over Financial Reporting. Our
responsibility is to express an opinion on the company’s internal
control over financial reporting based on our audit.
We conducted our audit 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 effective internal control
over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control
over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk,
and performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a
reasonable basis for our opinion.
A company’s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management
and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised
acquisition, use or disposition of the company’s assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
In our opinion, ING Groep N.V. maintained, in all material respects,
effective internal control over financial reporting as of 31 December
2009, based on the COSO criteria.
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