Royal Bank of Canada has released its audited consolidated financial statements for the fiscal year ended October 31, 2024. The independent auditor's report, conducted by PricewaterhouseCoopers LLP, presents a fair view of the bank's financial position and performance in accordance with IFRS Accounting Standards.Key audit matters addressed include the allowance for credit losses on loans categorized as Stage 1 and Stage 2, which totaled $6,352 million as of October 31, 2024, and the bank's uncertain tax positions. The report highlights the complex calculations and significant management judgments involved in estimating these figures.Notably, the bank changed its method of accounting for insurance contracts in 2024. The auditors emphasized this change but did not modify their opinion. The report also outlines the responsibilities of management, those charged with governance, and the auditors in the financial reporting process.

Royal Bank of Canada has released its audited consolidated financial statements for the fiscal year ended October 31, 2024. The independent auditor's report, conducted by PricewaterhouseCoopers LLP, presents a fair view of the bank's financial position and performance in accordance with IFRS Accounting Standards.Key audit matters addressed include the allowance for credit losses on loans categorized as Stage 1 and Stage 2, which totaled $6,352 million as of October 31, 2024, and the bank's uncertain tax positions. The report highlights the complex calculations and significant management judgments involved in estimating these figures.Notably, the bank changed its method of accounting for insurance contracts in 2024. The auditors emphasized this change but did not modify their opinion. The report also outlines the responsibilities of management, those charged with governance, and the auditors in the financial reporting process.