Canon 2009 Annual Report Download - page 104

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102 CANON ANNUAL REPORT 2009
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders of
Canon Inc.
We have audited the accompanying consolidated balance sheets of Canon Inc. and subsidiaries as of December 31, 2009 and 2008,
and the related consolidated statements of income, equity, and cash fl ows for each of the three years in the period ended December
31, 2009, all expressed in Japanese yen. These fi nancial statements are the responsibility of 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 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 fi nancial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by
management, as well as evaluating the overall fi nancial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our report dated March 16, 2009, we expressed an opinion that, except for the omission of segment reporting information, the
2008 and 2007 consolidated fi nancial statements presented fairly, in all material respects, the consolidated fi nancial position, results
of operations and cash fl ows of Canon Inc. and subsidiaries, in conformity with U.S. generally accepted accounting principles. As
described in Note 22, in 2009 the Company adopted segment reporting guidance and revised the disclosures in its 2008 and 2007
consolidated fi nancial statements to conform with U.S. generally accepted accounting principles. Accordingly, our present opinion on
the 2008 and 2007 consolidated fi nancial statements, as presented herein, is unqualifi ed rather than qualifi ed.
In our opinion, the fi nancial statements referred to above present fairly, in all material respects, the consolidated fi nancial position of
Canon Inc. and subsidiaries at December 31, 2009 and 2008, and the consolidated results of their operations and their cash fl ows
for each of the three years in the period ended December 31, 2009, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 1 to the consolidated fi nancial statements, in 2009 the Company adopted new accounting guidance for
noncontrolling interests in consolidated fi nancial statements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Canon
Inc. and subsidiaries’ internal control over fi nancial reporting as of December 31, 2009, based on criteria established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report
dated March 30, 2010 expressed an unqualifi ed opinion thereon.
We have also recomputed the translation of the consolidated fi nancial statements as of and for the year ended December 31, 2009
into United States dollars. In our opinion, the consolidated fi nancial statements expressed in Japanese yen have been translated into
United States dollars on the basis described in Note 2.
Canon AR09_FS_0325_ipc .indd 102 10.3.26 2:47:22 PM