JVC 1999 Annual Report Download - page 32

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30 JVC 1999
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, 1999 and 1998 and the related consolidated statements of operations, stockholders’
equity and cash flows for each of the three years in the period ended March 31, 1999, 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, 1999 and 1998 and the consolidated results of their operations
and their cash flows for each of the three years in the period ended March 31, 1999 in conformity with accounting principles
generally accepted in Japan consistently applied during the periods.
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 29, 1999
Statement on Accounting Principles and Auditing Standard
This statement is to remind users that accounting principles and auditing standards and their application in practice may vary
among nations and therefore could affect, possibly materially, the reported financial position and results of operations. The ac-
companying financial statements are prepared based on accounting principles generally accepted in Japan, and the auditing
standards and their application in practice are those generally accepted in Japan. Accordingly, the accompanying financial
statements and the auditors’ report presented above are for users familiar with Japanese accounting principles, auditing stan-
dards and their application in practice.
Report of Independent Public Accountants