Duplicate Copy of the Accounting Auditor's Audit Report
Independent Auditor’s Report
August 20, 2020
To the Board of Directors of Toyoshima & Co., Ltd.
Gyosei & Co.
Nagoya Office
Keiji Miyake
Designated Partner
Engagement Partner
Certified Public Accountant
Kaoru Ogawa
Designated Partner
Engagement Partner
Certified Public Accountant
Audit Opinion
We have audited, pursuant to Article 436, paragraph (2), item (i) of the Companies Act of Japan, the financial statements, which comprise the balance sheet, profit and loss statement, statement of changes in net assets, significant accounting policies and other notes, and supplementary schedules thereto (hereinafter referred to as "financial statements, etc.") of Toyoshima & Co., Ltd. for the 103rd fiscal year from July 1, 2019 to June 30, 2020.
In our opinion, the financial statements, etc. referred to above present fairly, in all material respects, the financial position and its financial performance for the period covered by the financial statements, etc. in accordance with accounting principles generally accepted in Japan.
Basis for Audit Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are described in the Auditor’s Responsibilities for the Audit of the Financial Statements, etc. We are independent of the company in accordance with the provisions of professional ethics in Japan, and we have fulfilled our other ethical responsibilities as an auditor. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management and the Audit & Supervisory Board and its members for the Financial Statements, etc.
The responsibility of management is to prepare and properly present financial statements, etc. in accordance with accounting principles generally accepted in Japan. This includes the development and operation of internal control that management determines are necessary for the preparation and proper presentation of financial statements, etc. that are free from material misstatement, whether due to fraud or error.
When preparing financial statements, etc., management is responsible for assessing whether it is appropriate to prepare financial statements, etc. based on the premise of a going concern and disclosing, as applicable, matters related to going concern in accordance with accounting principles generally accepted in Japan.
The responsibility of the Audit & Supervisory Board and its members is to monitor the execution of the directors' duties in the development and operation of the financial reporting process.
Auditor’s Responsibility for the Audit of the Financial Statements, etc.
Our responsibility is to express an opinion on the financial statements, etc. based on our audit from an independent standpoint in an audit report, by obtaining reasonable assurance about whether the financial statements, etc. as a whole are free from material misstatement, whether due to fraud or error. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to affect the decision-making of users of the financial statements, etc.
We make professional judgment in the audit process in accordance with auditing standards generally accepted in Japan, and perform the following while maintaining professional skepticism.
Identify and assess the risks of material misstatement, whether due to fraud or error. Design and implement audit procedures to address the risks of material misstatement. The selection and application of audit procedures are based on the judgment of the auditor. In addition, obtain sufficient and appropriate audit evidence to provide a basis for the audit opinion.
The purpose of the audit of financial statements, etc. is not to express an opinion on the effectiveness of the company’s internal control. However, the auditor considers internal control related to the company’s audit in order to design appropriate audit procedures according to the circumstances when conducting risk assessments.
Assess the appropriateness of accounting policies and their applications which management adopted and the reasonableness of accounting estimates made by management, and the appropriateness of related notes.
Conclude whether it is appropriate for management to prepare financial statements, etc. on the premise of a going concern and, based on the audit evidence obtained, whether there is significant uncertainty with respect to events or circumstances that raise significant doubt about the company’s ability to continue as a going concern. If significant uncertainties regarding the premise of a going concern are observed, the auditor is required to call attention to the notes to the financial statements, etc. in the audit report or, if the notes to the financial statements, etc. pertaining to the significant uncertainty are inappropriate, issue a modified opinion on the financial statements, etc. The auditor's conclusions are based on the audit evidence obtained up to the date of the audit report, but future events and circumstances may prevent the company from continuing as a going concern.
Besides assessing whether the presentation of and notes to the financial statements, etc. are in accordance with accounting principles generally accepted in Japan, assess the presentation, structure and content of the financial statements, etc., including the related notes, and whether the financial statements, etc. properly present the underlying transactions or accounting events.
The auditor reports to the Audit & Supervisory Board and its members regarding the planned scope and timing of the audit, significant audit findings including significant deficiencies in internal control identified in the course of the audit, and other matters required under the auditing standards.
Interest
Our firm and the engagement partners have no interest in the company which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.
End