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123
Hitachi, Ltd. Annual Report 2010
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors of
Hitachi, Ltd.:
We have audited the accompanying consolidated balance sheets of Hitachi, Ltd. and subsidiaries (the “Company”) as of March
31, 2010 and 2009, and the related consolidated statements of operations, equity, and cash flows for each of the three years
in the period ended March 31, 2010, all expressed in Japanese yen. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial 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 financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our report dated June 23, 2009, we expressed an opinion that, except for the omission of segment reporting information, the
consolidated financial statements as of March 31, 2009 and 2008 and for each of the three years in the period ended March
31, 2009 presented fairly, in all material respects, the consolidated financial position, results of operations and cash flows of
Hitachi, Ltd. and subsidiaries, in conformity with U.S. generally accepted accounting principles. As described in Note 2 (y), during
the year ended March 31, 2010, the Company adopted Accounting Standards Codification (ASC) 280, “Segment Reporting”
and revised the disclosures in its consolidated financial statements as of March 31, 2009 and for the year then ended to conform
with U.S. generally accepted accounting principles. Accordingly, our present opinion on the consolidated financial statements
as of March 31, 2009 and for the year then ended, as presented herein, is unqualified rather than qualified.
The Company’s consolidated financial statements as of March 31, 2008 and for the year then ended do not disclose segment
reporting information required by ASC 280. In our opinion, disclosure of segment reporting information is required by U.S.
generally accepted accounting principles.
In our opinion, except for the omission of segment reporting information discussed in the preceding paragraph, the financial
statements referred to above present fairly, in all material respects, the consolidated financial position of Hitachi, Ltd. and
subsidiaries at March 31, 2010 and 2009, and the consolidated results of their operations and their cash flows for each of
the three years in the period ended March 31, 2010, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 2 (ac), the Company adopted new accounting guidance for noncontrolling interests in a subsidiary as
prescribed in ASC 810 on April 1, 2009.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
Hitachi, Ltd. and subsidiaries’ internal control over financial reporting as of March 31, 2010, based on criteria established in
Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
and our report dated June 29, 2010 expressed an unqualified opinion thereon.
We also have recomputed the translation of the consolidated financial statements as of and for the year ended March 31,
2010 into United States dollars. In our opinion, the consolidated financial statements expressed in Japanese yen have been
translated into United States dollars on the basis described in Note 3.
Tokyo, Japan
June 29, 2010