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Management and
Corporate Information
TOYOTA ANNUAL REPORT 2012
Investor InformationToyota Global Vision Changes for Making
Ever-Better Cars President
ʼ
s Message Medium- to Long-Term
Growth Initiatives Special Feature Business and
Performance Review Financial Section
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of Toyota Jidosha Kabushiki Kaisha
(
Toyota Motor Corporation
)
In our opinion, the accompanying consolidated
balance sheets and the related consolidated
statements of income, shareholders
ʼ
equity
and cash flows present fairly, in all material
respects, the financial position of Toyota Motor
Corporation and its subsidiaries at March
31, 2011 and 2012, and the results of their
operations and their cash flows for each of the
three years in the period ended March 31, 2012 in
conformity with accounting principles generally
accepted in the United States of America. Also
in our opinion, the Company maintained, in all
material respects, effective internal control
over financial reporting as of March 31, 2012,
based on criteria established in Internal
Control
—
Integrated Framework issued by the
Committee of Sponsoring Organizations of the
Treadway Commission
(
COSO
)
. The Company
ʼ
s
management is responsible for these financial
statements, for maintaining effective internal
control over financial reporting and for its
assessment of the effectiveness of internal
control over financial reporting, included in the
accompanying Management
ʼ
s Annual Report on
Internal Control Over Financial Reporting. Our
responsibility is to express opinions on these
financial statements and on the Company
ʼ
s
internal control over financial reporting based
on our integrated 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 audits
to obtain reasonable assurance about whether
the financial statements are free of material
misstatement and whether effective internal
control over financial reporting was maintained
in all material respects. Our audits of the
financial statements included examining, on
a test basis, evidence supporting the amounts
and disclosures in the financial statements,
assessing the accounting principles used and
significant estimates made by management,
and evaluating the overall financial statement
presentation. Our audit of internal control
over financial reporting included obtaining an
understanding of internal control over financial
reporting, assessing the risk that a material
weakness exists, and testing and evaluating
the design and operating effectiveness of
internal control based on the assessed risk.
Our audits also included performing such other
procedures as we considered necessary in
the circumstances. We believe that our audits
provide a reasonable basis for our opinions.
A company
ʼ
s internal control over financial
reporting is a process designed to provide
reasonable assurance regarding the reliability
of financial reporting and the preparation of
financial statements for external purposes
in accordance with generally accepted
accounting principles. A company
ʼ
s internal
control over financial reporting includes those
policies and procedures that
(
i
)
pertain to the
maintenance of records that, in reasonable
detail, accurately and fairly reflect the
transactions and dispositions of the assets of
the company;
(
ii
)
provide reasonable assurance
that transactions are recorded as necessary to
permit preparation of financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures
of the company are being made only in
accordance with authorizations of management
and directors of the company; and
(
iii
)
provide
reasonable assurance regarding prevention or
timely detection of unauthorized acquisition,
use, or disposition of the company
ʼ
s assets that
could have a material effect on the financial
statements.
Because of its inherent limitations,
internal control over financial reporting may
not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness
to future periods are subject to the risk that
controls may become inadequate because of
changes in conditions, or that the degree of
compliance with the policies or procedures
may deteriorate.
Nagoya, Japan
June 25, 2012
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