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TOYOTA ANNUAL REPORT 2010 101
Special Feature
Top Messages
Special Feature
Consolidated
Performance Highlights
Financial Section
Investor Information
Corporate Information
Business Overview
Financial Section
Report of Independent Registered Public
Accounting Firm
In our opinion, the accompanying consolidated balance sheets and the related consolidated
statements of income, shareholders’ equity and cash flows present fairly, in all material respects,
the financial position of Toyota Motor Corporation and its subsidiaries at March 31, 2009 and
2010, and the results of their operations and their cash flows for each of the three years in the
period ended March 31, 2010 in conformity with accounting principles generally accepted
in the United States of America. Also in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of March 31, 2010, based on criteria
established in
Internal Control
−
Integrated Framework
issued by the Committee of Sponsoring
Organizations of the Treadway Commission （COSO）. The Company’s management is responsible
for these financial statements, for maintaining effective internal control over financial reporting
and for its assessment of the effectiveness of internal control over financial reporting, included
in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting.
Our responsibility is to express opinions on these financial statements and on the Company’s
internal control over financial reporting based on our integrated audits. We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight Board（United
States）. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement and whether
effective internal control over financial reporting was maintained in all material respects. Our
audits of the financial statements included examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall financial
statement presentation. Our audit of internal control over financial reporting included obtaining
an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included performing such other procedures as
we considered necessary in the circumstances. We believe that our audits provide a reasonable
basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
To the Shareholders and Board of Directors of Toyota Jidosha Kabushiki Kaisha
（“Toyota Motor Corporation”）
Nagoya, Japan
June 25, 2010
statements for external purposes in accordance with generally accepted accounting principles.
A company’ s internal control over financial reporting includes those policies and procedures that
（ⅰ）pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; （ⅱ）provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorizations of management and
directors of the company; and （ⅲ）provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have
a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.