Oki 2000 Annual Report Download - page 22

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The Board of Directors
Oki Electric Industry Company, Limited
We have audited the consolidated balance sheets of Oki Electric Industry Company, Limited and its
consolidated subsidiaries as of March 31, 2000 and 1999, and the related consolidated statements of
operations, shareholders’ equity, and cash flows for each of the three years in the period ended
March 31, 2000, all expressed in yen. Our audits were made in accordance with auditing standards,
procedures and practices generally accepted and applied in Japan and, accordingly, included such
tests of the accounting records and such other auditing procedures as we considered necessary in
the circumstances.
In our opinion, the accompanying consolidated financial statements, expressed in yen, present fairly
the consolidated financial position of Oki Electric Industry Company, Limited and its consolidated
subsidiaries at March 31, 2000 and 1999, and the consolidated results of their operations and their
cash flows for each of the three years in the period ended March 31, 2000 in conformity with account-
ing principles and practices generally accepted in Japan applied on a consistent basis.
As described in Note 1 to the consolidated financial statements, Oki Electric Industry Company, Lim-
ited and its consolidated subsidiaries have adopted new accounting standards for consolidation in
the preparation of their consolidated financial statements for the year ended March 31, 2000.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the
year ended March 31, 2000 are presented solely for convenience. Our audit also included the transla-
tion of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on
the basis described in Note 2 to the consolidated financial statements.
June 29, 2000
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
20
See Note 1 to the consolidated financial statements which explains the basis of preparing the con-
solidated financial statements of Oki Electric Industry Company, Limited under Japanese accounting
principles and practices.