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Pioneer Corporation Annual Report 2011 51
Independent Auditors’ Report
To the Board of Directors of
Pioneer Corporation:
We have audited the accompanying consolidated balance sheets of Pioneer Corporation and subsidiaries
(the “Company”) as of March 31, 2011 and 2010, and the related consolidated statements of operations for
the years then ended, the consolidated statement of comprehensive loss for the year ended March 31, 2011,
and the related consolidated statements of changes in equity, and cash flows for the years then ended, all
expressed in Japanese yen. These consolidated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated financial statements based
on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those stan-
dards 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 support-
ing 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 reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the consolidated financial position of Pioneer Corporation and subsidiaries as of March 31, 2011 and 2010,
and the consolidated results of their operations and their cash flows for the years then ended in conformity
with accounting principles generally accepted in Japan.
Our audits 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 17, 2011