Navy Federal Credit Union 2008 Annual Report Download - page 5

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Independent
Auditors
THE REPORT OF
To the Board of Directors of The Navy Federal Credit Union:
We have audited the accompanying consolidated balance sheets of the Navy Federal Credit Union
(“Navy Federal”) as of December 31, 2008 and December 31, 2007, and the related consol idated
statements of income, of changes in reserves and undivided earnings, and of cash flows for the years
then ended. These financial statements are the responsibility of the credit union’s management. Our
respon sibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America. 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 financial statements referred to above present fairly, in all material respects, the
financial position of Navy Federal at December 31, 2008 and December 31, 2007, and the results of
their operations and their cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
As more fully discussed in Note 2, the accompanying 2007 financial statements have been restated.
March 23, 2009