Toyota Audit Report in 2013

Part 1: Pre-engagement Activities

Reasons for continuing as auditors

Details and guidance on the matters to consider prior accepting the audit work are mentioned by CSQC 1 and CAS 210 checks are followed for Toyota.

Standard Check

CSQC 1

Acceptance and Continuance of Client Relationship and Specific Engagements:

Standard 1.

Is our audit firm competent to perform the engagements and have capabilities; including time and resources, to do so?

Our audit team is competent enough to audit and check financial disclosure with respect to Toyota will be done independently. Because all the members in the audit firm are well educated in accounting , very good knowledge about accounting standards, IFRS rules and regulations and well aware of audit procedure to conduct audit work of Toyota Corp.

Standard 2

Can comply with the relevant ethical requirements

Yes our audit can comply with ethical requirement of Independence and Objective of the audit work. It will be ensured that audit work of Toyota will be accomplished without any biases and proper ethical standards of CICA handbook requirement will be maintained.

Standard 3:

Has considered the integrity of the client

Yes. We have considered the integrity part of Toyota. Being public listed company in US stock exchange, Toyota maintains high integrity with respect to financial disclosures, investors and other members affiliated to the company. Moreover Toyota has very high credibility in tech industry for online services provided to people across the globe.

Why firm is independent from your audit client

The objective of an audit is to enable the auditor to express an opinion on the financial statements prepared by the management of the client firm and to provide advice on accounting procedures. It is important that all auditors adhere to the highest standards of independence, integrity, and objectivity and be...