ING Direct 2011 Annual Report Download - page 298

To: the Shareholders, the Supervisory Board and the Executive Board of ING Groep N.V.
REPORT ON THE ANNUAL ACCOUNTS
We have audited the accompanying annual accounts 2011 of ING Groep N.V., Amsterdam (as set out on pages 90 to 295). The annual
accounts include the consolidated annual accounts and the parent company annual accounts. The consolidated annual accounts comprise
the consolidated balance sheet as at 31 December 2011, the profit and loss account, statement of comprehensive income, statement of
cash flows and statement of changes in equity 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 2011, the parent
company profit and loss account for the year then ended and the notes, comprising a summary of significant accounting policies and other
explanatory notes.
Management’s responsibility
Management is responsible for the preparation and fair presentation of these 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. Furthermore management is responsible for
such internal control as it determines is necessary to enable the preparation of the annual accounts that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in accordance with Dutch
law, including the Dutch Standards on Auditing, and the standards of the Public Company Accounting Oversight Board (United States). This
requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether about 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.
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
2011 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 2011 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 AND REGULATORY REQUIREMENTS
Pursuant to the legal requirement under Section 2:393 sub 5 at e and f of the Dutch Civil Code, we have no deficiencies to report as a
result of our examination whether the report of the Executive Board, to the extent we can assess, has been prepared in accordance with
Part 9 of Book 2 of this Code, and whether the information as required under Section 2:392 sub 1 at b-h has been annexed. Further we
report that the report of the Executive Board, to the extent we can assess, is consistent with the annual accounts as required by Section
2:391 sub 4 of the Dutch Civil Code.
Amsterdam, 12 March 2012
Ernst & Young Accountants LLP
signed by C.B. Boogaart
Independent auditor’s report
296 ING Group Annual Report 2011