eTrade 2008 Annual Report Download - page 90

To the Board of Directors and Shareholders of
E*TRADE Financial Corporation
Arlington, Virginia
We have audited the accompanying consolidated balance sheets of E*TRADE Financial Corporation and
subsidiaries (the “Company”) as of December 31, 2008 and 2007, and the related consolidated statements of
income (loss), comprehensive income (loss), shareholders’ equity, and cash flows for each of the three years in
the period ended December 31, 2008. 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 consolidated financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall consolidated financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial
position of E*TRADE Financial Corporation and subsidiaries as of December 31, 2008 and 2007, and the results
of their operations and their cash flows for each of the three years in the period ended December 31, 2008, in
conformity with accounting principles generally accepted in the United States of America.
As discussed in Note 1 to the consolidated financial statements, the Company adopted Financial Accounting
Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an
interpretation of FASB Statement No. 109, as of January 1, 2007. The Company also adopted Statement of
Financial Accounting Standard (“SFAS”) No. 157, Fair Value Measurement, and SFAS No. 159, The Fair Value
Option for Financial Assets and Financial Liabilities, on January 1, 2008.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2008, based on the
criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 26, 2009 expressed an unqualified
opinion on the Company’s internal control over financial reporting.
/s/ Deloitte & Touche LLP
McLean, Virginia
February 26, 2009
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