To the Shareholders of Royal Bank of Canada
We have audited the consolidated balance
sheet of Royal Bank of Canada as at October 31, 2003, and the
consolidated statements of income, changes in shareholders’ equity
and cash flows for the year then ended. These consolidated financial
statements are the responsibility of the bank’s management.
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit.
We conducted our audit in accordance
with Canadian generally accepted auditing standards. Those standards
require that we plan and perform an audit to obtain reasonable
assurance 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.
In our opinion, these consolidated
financial statements present fairly, in all material respects,
the financial position of the bank as at October 31, 2003, and
the results of its operations and its cash flows for the year
then ended, in accordance with accounting principles generally
accepted in the United States of America.
We also reported separately on November 25, 2003, to the shareholders
of the bank on our audit, conducted in accordance with Canadian
generally accepted auditing standards, where we expressed an
opinion without reservation on the October 31, 2003, consolidated
financial statements, prepared in accordance with Canadian generally
accepted accounting principles.
The consolidated balance sheet as
at October 31, 2002, and the consolidated statements of income,
changes in shareholders’ equity
and cash flows for each of the years in the two-year period ended
October 31, 2002, prepared in accordance with accounting principles
generally accepted in the United States of America, were audited
by Deloitte & Touche LLP and PricewaterhouseCoopers LLP who
expressed an opinion without reservation on those statements
in their report dated November 19, 2002.
Deloitte & Touche
Toronto, November 25, 2003