Toyota 2014 Annual Report Download - page 67

ANNUAL REPORT 2014
President’s MessagePresident’s Message
Overview of
Four Business Units
Overview of
Four Business Units
Special FeatureSpecial Feature
Review of OperationsReview of Operations
Consolidated Performance
Highlights
Consolidated Performance
Highlights
Management and
Corporate Information
Management and
Corporate Information
Investor InformationInvestor Information
Financial SectionFinancial Section
Page 67
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Report of Independent Registered Public Accounting Firm
In our opinion, the accompanying consolidated
balance sheets and the related consolidated
statements of income, comprehensive 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,
2013 and 2014, and the results of their operations
and their cash flows for each of the three years in
the period ended March 31, 2014 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, 2014, based on criteria established in
Internal Control - Integrated Framework (1992)
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
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
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.
Nagoya, Japan
June 24, 2014
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
To the Shareholders and Board of Directors of Toyota Jidosha Kabushiki Kaisha
(“Toyota Motor Corporation”)