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A n n u a l R e p o r t 2 0 0 8 109
The Board of Directors and Stockholders
Honda Motor Co., Ltd.:
We have audited the accompanying consolidated balance sheets of Honda Motor Co., Ltd. and subsidiaries (“Honda”)
as of March 31, 2007 and 2008, and the related consolidated statements of income, stockholders’ equity and
comprehensive income, and cash flows for each of the years in the three-year period ended March 31, 2008. These
consolidated financial statements are the responsibility of Honda’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
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of Honda Motor Co., Ltd. and subsidiaries as of March 31, 2007 and 2008, and the results of their operations
and their cash flows for each of the years in the three-year period ended March 31, 2008 in conformity with U.S.
generally accepted accounting principles.
As described in Note 1(m) to the accompanying consolidated financial statements, Honda adopted the provisions of
FASB Interpretation 48, Accounting for Uncertainty in Income Taxes as of April 1, 2007. As described in Note 13 to the
consolidated financial statements, Honda adopted the provisions of Statement of Financial Accounting Standards No.
158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans – an amendment of FASB
Statements of No. 87, 88, 106 and 132(R) as of March 31, 2007. As described in Note 1(u) to the consolidated financial
statements, Honda changed its method of quantifying errors as of March 31, 2007.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), Honda’s internal control over financial reporting as of March 31, 2008, based on criteria established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission,
and our report dated June 30, 2008 expressed an unqualified opinion on the effectiveness of Honda’s internal control
over financial reporting.
The accompanying consolidated financial statements as of and for the year ended March 31, 2008 have been translated
into United States dollars solely for the convenience of the reader. We have audited the translation and, in our opinion,
the consolidated financial statements expressed in yen have been translated into dollars on the basis set forth in Note 2
to the consolidated financial statements.
Tokyo, Japan
June 30, 2008
Report of Independent Registered Public Accounting Firm