Omron 1999 Annual Report Download - page 45

INDEPENDENT AUDITORS’ REPORT
43
To the Board of Directors and Shareholders of OMRON Corporation
We have audited the accompanying consolidated balance sheets of OMRON Corporation and subsidiaries as of March 31,
1999 and 1998, and the related consolidated statements of income, comprehensive income, shareholders’ equity and cash
flows for each of the three years in the period ended March 31, 1999, all expressed in Japanese yen. These financial state-
ments 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 auditing standards generally accepted in the 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 reason-
able basis for our opinion.
Certain information required by Statement of Financial Accounting Standards (“SFAS”) No. 131, “Disclosures about
Segments of an Enterprise and Related Information,” (which superseded SFAS No. 14 “Financial Reporting for Segments of
a Business Enterprise” in 1999), has not been presented in the accompanying consolidated financial statements. In our opinion,
presentation concerning operating segments and other information is required for a complete presentation of the Company’s
consolidated financial statements.
In our report dated May 18, 1998, we expressed an opinion that the consolidated financial statements as of March 31,
1998, and for the years then ended contained a departure from generally accepted accounting principles because the Com-
pany had not adopted SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities.” Effective April 1,
1998, as discussed in Notes 1 and 15, the Company adopted retroactively to April 1, 1994 SFAS No. 115 and restated its
prior years’ consolidated financial statements. Accordingly, our present opinion on the prior years’ financial statements, as
presented herein, is different from that expressed in our previous report.
In our opinion, except for the omission of segment information as discussed in the third paragraph, the consolidated finan-
cial statements referred to above present fairly, in all material respects, the financial position of OMRON Corporation and
subsidiaries as of March 31, 1999 and 1998, and the 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 the United States.
Our audits also comprehended the translation of Japanese yen amounts into United States dollar amounts and, in our
opinion, such translation has been made in conformity with the basis stated in Note 2 to the consolidated financial statements.
Such United States dollar amounts are presented solely for convenience.
Osaka, Japan
May 11, 1999