JVC 1998 Annual Report Download - page 32

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30 JVC 1998
To the Stockholders and the Board of Directors of Victor Company of Japan, Limited:
We have audited the accompanying consolidated balance sheets of Victor Company of Japan, Limited (a Japanese corpora-
tion) and subsidiaries as of March 31, 1998 and 1997, and the related consolidated statements of operations, stockholders’
equity and cash flows for each of the three years in the period ended March 31, 1998, expressed in Japanese yen. Our audits
were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting
records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the consolidated financial statements referred to above present fairly the consolidated financial position of Victor
Company of Japan, Limited and subsidiaries as of March 31, 1998 and 1997, and the consolidated results of their operations
and their cash flows for each of the three years in the period ended March 31, 1998, in conformity with accounting principles
generally accepted in Japan consistently applied during the periods, except for the change made as of April 1, 1995, with
which we concur, in accounting policy refered to in Note 3.
Also, in our opinion, the U.S. dollar amounts in the accompanying consolidated financial statements have been translated from
Japanese yen on the basis set forth in Note 1.
Tokyo, Japan
June 26, 1998
Report of Independent Public Accountants