Navy Federal Credit Union 2015 Annual Report Download - page 20

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Financial Section 1
2015—SHARED SUCCESS
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors and Supervisory Committee of Navy Federal Credit Union:
We have audited the accompanying consolidated financial statements of Navy Federal Credit
Union, which comprise the consolidated statements of financial condition as of December 31,
2015 and December 31, 2014, and the related consolidated statements of income, comprehensive
income, changes in members’ equity and of cash flows for the years then ended.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control relevant
to the preparation and fair presentation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on the consolidated 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 consolidated financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated financial statements. The procedures selected depend on our
judgment, including the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the Company’s preparation and fair presentation of the
consolidated financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the eectiveness of the
Company’s internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements. We believe that the audit evidence we have obtained is
sucient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Navy Federal Credit Union at December 31, 2015 and
December 31, 2014, and the results of its operations and its cash flows for the years then ended
in accordance with accounting principles generally accepted in the United States of America.
March 24, 2016
McLean, Virginia