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ANNUAL REPORT 2 0 0 24 4
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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 corporation) and
subsidiaries as of March 31, 2002 and 2001 and the related consolidated statements of operations, stockholders’ equity and cash flows
for each of the three years in the period ended March 31, 2002, expressed in Japanese yen. Our audits were made in accordance with
generally accepted auditing standards in Japan 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, 2002 and 2001 and the consolidated results of their operations and their
cash flows for each of the three years in the period ended March 31, 2002 in conformity with accounting principles generally accepted
in Japan (Note 1) applied on a consistent basis during the periods, except as noted in the following paragraph.
As explained in Note 2, Victor Company of Japan, Limited and subsidiaries adopted, on a prospective basis in all cases, new
Japanese accounting standards for employees’ severance and retirement benefits, financial instruments and foreign currency
translation effective April 1, 2000, and for consolidation, income taxes and research, development and other costs effective April
1, 1999.
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.
Asahi & Co
Tokyo, Japan
June 27, 2002