Epson 2004 Annual Report Download - page 73

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SEIKO EPSON CORPORATION 71
Report of Independent Auditors
To the Board of Directors of
Seiko Epson Corporation
We have audited the accompanying consolidated balance sheets of Seiko Epson Corporation and its consolidated subsidiaries as of
March 31, 2003 and 2004, and the related consolidated statements of income, changes in shareholders’ equity, and cash flows for each of
the three years in the period ended March 31, 2004, all expressed in Japanese yen. These consolidated financial statements are the
responsibility of the Company’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 auditing standards generally accepted in Japan. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall consolidated 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 consolidated
financial position of Seiko Epson Corporation and its consolidated subsidiaries as of March 31, 2003 and 2004, and the consolidated
results of their operations and cash flows for each of the three years in the period ended March 31, 2004 in conformity with accounting
principles generally accepted in Japan.
As discussed in Note 2 (8), effective as of March 31, 2004, Seiko Epson Corporation and its consolidated subsidiaries have adopted
new Japanese accounting standards for impairment of fixed assets.
The amounts expressed in U.S. dollars, which are provided solely for the convenience of the reader, have been translated on the
basis set forth in Note 3 to the accompanying consolidated financial statements.
Tokyo, Japan
June 25, 2004