Canon 2008 Annual Report Download - page 98

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96
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Th
e
B
oa
r
d
o
f Dir
ecto
r
s
a
n
d
Stoc
kh
o
l
de
r
s
o
f
Canon Inc
.
We have audited the accompanying consolidated balance sheets of Canon Inc. and subsidiaries as of December 31, 2008 and 2007,
and the related consolidated statements o
f
income, stockholders’ equit
y
, and cash
fl
ows
f
or each o
f
the three
y
ears in the period
ended December 31, 2008, all expressed in Japanese yen. These
fi
nancial statements are the responsibility o
f
the Company’s
management. Our responsibility is to express an opinion on these fi nancial statements based on our audits
.
We conducted our audits in accordance with the standards o
f
the Public Company Accounting Oversight Board (United States).
Those standards re
q
uire that we
p
lan and
p
erform the audit to obtain reasonable assurance about whether the fi nancial statements
are
f
ree o
f
material misstatement. An audit includes examinin
g
, on a test basis, evidence supportin
g
the amounts and disclosures
in the
fi
nancial statements. An audit also includes assessing the accounting principles used and signi
fi
cant estimates made by
management, as well as evaluating the overall fi nancial statement presentation. We believe that our audits provide a reasonable
basis
f
or our opinion
.
The Company’s consolidated fi nancial statements do not disclose segment information required by Statement of Financial
Accountin
g
Standards No. 131, “Disclosures about Se
g
ments o
f
an Enterprise and Related In
f
ormation.” In our opinion, disclosure
o
f
segment in
f
ormation is required by U.S. generally accepted accounting principles
.
In our opinion, except
f
or the omission o
f
se
g
ment in
f
ormation as discussed in the precedin
g
para
g
raph, the
fi
nancial statements
re
f
erred to above present
f
airly, in all material respects, the consolidated
fi
nancial position o
f
Canon Inc. and subsidiaries at
December 31, 2008 and 2007, and the consolidated results of their operations and their cash fl ows for each of the three years in
the period ended December 31, 2008, in con
f
ormit
y
with U.S.
g
enerall
y
accepted accountin
g
principles
.
As discussed in Note 1 to the consolidated fi nancial statements, in 2007 the Company changed its method of accounting for
d
epreciation.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Canon
Inc.’s internal control over
fi
nancial reportin
g
as o
f
December 31, 2008, based on criteria established in Internal Control—Inte
g
rated
Framework issued by the Committee o
f
Sponsoring Organizations o
f
the Treadway Commission and our report dated March 16,
2009 ex
p
ressed an un
q
ualifi ed o
p
inion thereon.
We have also recomputed the translation o
f
the consolidated
fi
nancial statements as o
f
and
f
or the year ended December 31, 2008
into United States dollars. In our opinion, the consolidated fi nancial statements expressed in Japanese yen have been translated into
Unite
d
States
d
o
ll
ars on t
h
e
b
asis
d
escri
b
e
d
in Note 2
.