Our auditing firm has conducted an audit of the financial statements of Toyotsu Machinery Co., Ltd. for the 47th fiscal year, covering the period from April 1, 2023, to March 31, 2024. The financial statements include the balance sheet, income statement, statement of changes in shareholders' equity, and individual notes, along with their accompanying detailed statements (hereinafter referred to as "financial statements, etc.").
We believe that the aforementioned financial statements, etc., are presented fairly in all material respects, in accordance with generally accepted accounting principles in Japan, and accurately reflect the financial position and performance for the relevant period.
Basis for Audit Opinion
We conducted our audit in accordance with generally accepted auditing standards in Japan. Our responsibilities under these standards are described in the section titled "Auditor's Responsibilities in an Audit of Financial Statements, etc." We are independent of the company in accordance with the ethical requirements relevant to our audit, and we have fulfilled our other ethical responsibilities as auditors. We believe that we have obtained sufficient and appropriate audit evidence to provide a basis for our opinion.
Other Information
The other information consists of the business report and its accompanying detailed statements. The responsibility of management is to prepare and disclose the other information. The responsibility of the statutory auditors is to oversee the execution of directors' duties in the preparation and operation of the reporting process for the other information.
Our audit opinion on the financial statements, etc., does not cover the other information, and we do not express any opinion on the other information. Our responsibility in relation to the audit of the financial statements, etc., is to read the other information and, in doing so, consider whether there are material inconsistencies between the other information and the financial statements, etc., or our knowledge obtained during the audit. We are required to report if we conclude that there is a material misstatement in the other information based on our work performed.
We have no matters to report regarding the other information.
Responsibilities of Management and Statutory Auditors for the Financial Statements, etc.
Management is responsible for the preparation and fair presentation of the financial statements, etc., in accordance with generally accepted accounting principles in Japan. This includes establishing and maintaining internal controls that management deems necessary to ensure that the financial statements, etc., are free from material misstatement due to fraud or error.
In preparing the financial statements, management is responsible for assessing the appropriateness of the use of the going concern basis of accounting and disclosing, as applicable, matters related to going concern in accordance with generally accepted accounting principles in Japan.
The responsibility of the statutory auditors is to oversee the execution of directors' duties in the preparation and operation of the financial reporting process.
Auditor's Responsibilities in an Audit of Financial Statements, etc.
The auditor's responsibility is to obtain reasonable assurance about whether the financial statements, etc., as a whole are free from material misstatement, whether due to fraud or error, and to express an opinion on the financial statements, etc., based on the audit. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements, etc.
In conducting the audit, the auditor is required to exercise professional judgment and maintain professional skepticism throughout the audit process in accordance with generally accepted auditing standards in Japan. The auditor will:
Identify and assess the risks of material misstatement due to fraud or error, and design and perform audit procedures responsive to those risks. The selection and application of audit procedures are based on the auditor's judgment. Furthermore, the auditor will obtain sufficient and appropriate audit evidence to provide a basis for the opinion.
Although the purpose of the audit of the financial statements, etc., is not to express an opinion on the effectiveness of internal controls, the audit firm will consider relevant internal controls in designing appropriate audit procedures in response to the assessed risks.
Evaluate the appropriateness of accounting policies adopted by management and the reasonableness of accounting estimates and related disclosures made by management.
Conclude whether it is appropriate for management to prepare the financial statements, etc., on a going concern basis, and whether there are material uncertainties related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If there are significant uncertainties regarding the going concern assumption, the auditor is required to draw attention in the audit report to the related disclosures in the financial statements, etc., or, if the disclosures are inadequate, to modify the opinion on the financial statements, etc. The auditor's conclusions are based on audit evidence obtained up to the date of the audit report, but future events or conditions may cause the entity to cease to continue as a going concern.
Evaluate whether the financial statements, etc., are presented in accordance with generally accepted accounting principles in Japan, including the presentation, structure, and content of the financial statements, etc., and whether they appropriately reflect the underlying transactions and accounting events.
The auditor will report to the statutory auditors on the planned scope and timing of the audit, significant findings from the audit, including significant deficiencies in internal control identified during the audit, and other matters required by auditing standards.
Relationships
There are no relationships that need to be disclosed between the company and our auditing firm or its partners, as required by the Certified Public Accountants Act.