Kenwood 2001 Annual Report Download - page 29

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KENWOOD Corporation Annual Report 2001 27
Independent Auditors' Report
Kenwood Corporation and Consolidated Subsidiaries
For the Years ended March 31, 2001, 2000 and 1999
To the Board of Directors and Shareholders of
Kenwood Corporation:
We have examined the consolidated balance sheets of Kenwood Corporation and consolidated subsidiaries as of March 31, 2001
and 2000, and the related consolidated statements of operations, shareholders' equity, and cash flows for each of the three years in
the period ended March 31, 2001, all expressed in Japanese yen. Our examinations were made in accordance with auditing
standards, procedures and practices generally accepted and applied 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 financial position of Kenwood Corporation and
consolidated subsidiaries as of March 31, 2001 and 2000, and the results of their operations and their cash flows for each of the three
years in the period ended March 31, 2001, in conformity with accounting principles and practices generally accepted in Japan applied
on a consistent basis.
As discussed in Note 1, effective April 1, 2000, the consolidated financial statements have been prepared in accordance with new
accounting standards for employees' retirement benefits and financial instruments and a revised accounting standard for foreign
currency transactions.
Our examinations also comprehended the translation of Japanese yen amounts into U.S. dollar amounts and, in our opinion, such
translation has been made in conformity with the basis stated in Note 1. Such U.S. dollar amounts are presented solely for the
convenience of readers outside Japan.
June 28, 2001