ourexpertise - Crédit Agricole CIB

4CONSOLIDATED FINANCIAL STATEMENTS STATUTORY AUDITORS’ REPORTON THE CONSOLIDATED FINANCIALSTATEMENTSYear ended 31 December 2010This is a free translation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenienceof English speaking readers.The Statutory Auditors’ report includes information specifi cally required by French law in all audit reports, whether qualifi ed or not, andthis is presented below the opinion on the consolidated fi nancial statements. This information includes an explanatory paragraph discussingthe auditors’ assessments of certain signifi cant accounting and auditing matters. These assessments were considered for thepurpose of issuing an audit opinion on the consolidated fi nancial statements taken as a whole and not to provide separate assuranceon individual account captions or on information taken outside of the consolidated fi nancial statements.This report should be read in conjunction with, and construed in accordance with French law and professional auditing standards applicablein France.To the Shareholders,In compliance with the assignment entrusted to us by your Shareholders’ Meeting, we hereby submit our report for the year ended 31December 2010 on:• our audit of Crédit Agricole Corporate and Investment Bank’s consolidated fi nancial statements as attached to this report,• the substantiation of our opinion,• the specifi c procedures and disclosures required by law.The consolidated fi nancial statements are the responsibility of the Board of Directors. Our role is to express an opinion on these fi nancialstatements based on our audit.OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTSWe have conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan andperform our audit to obtain reasonable assurance that the consolidated fi nancial statements are free of material misstatement. An auditconsists of examining, on the basis of tests and other selection methods, evidence supporting the amounts and disclosures in the consolidatedfi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made in the preparationof the fi nancial statements and evaluating their overall presentation. We believe that the evidence we have collected is relevant andsuffi cient for the formation of our opinion.In our opinion, the consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and results of thecompanies and entities included in the consolidated Group in accordance with the IFRS standards as adopted in the European Union.Without prejudice to the opinion expressed above, we draw your attention to the note 1.1 to the fi nancial statements, which describes thechange in accounting method relating to actuarial gains and losses on the post-employment-benefi ts of the defi ned-benefi t plans as wellas the new standards and interpretations applied, inter alia revised IAS 27 « Consolidated and parent-company fi nancial statements« andIFRS 3 «Business combinations«.SUBSTANTIATION OF OUR OPINIONPursuant to the provisions of Article L.823-9 of the Code de Commerce [French Commercial Code] concerning the substantiation of ouropinion, we bring to your attention the following items:212SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010