GMの2008年度の年次報告書(annual report)が公開された。いわゆる、10-Kといわれるものである。10-Kは証券取引委員会(SEC)によって要求される年次報告書であり、企業の事業計画、業界全体の流れ、マーケットシェア、財務諸表、売上、経常利益率などの比較比率が提示され、企業の年度毎のパフォーマンスに対する事実報告であり、なおかつ企業戦略、マーケット動向を把握するための包括的な要約を与えるものである。この10-Kの中には決算書に対する監査人による監査報告書(Independent Auditor’s Report)が含まれる。
GMの監査法人であるDeloitteが連結決算書に適正意見を表明したものの、GMの事業継続能力、Going concernに重大な疑いがあるという評価を下した。U.S. GAAP (Generally Accepted Accounting Principles)からの逸脱がなければ、監査人は適正意見を表明した後に事業継続能力に対して、説明文章をふくめなければならない。GAAPからの逸脱がある場合は限定意見あるいは否認意見（Qualified or Adverse opinion）が出され、その意見の文章の後にGoing Concernについて評価しなければならない。GMの場合、連結決算書そのものについては、逸脱がみられず、適正な決算書であることが確認された。しかし、企業の事業継続能力について重大な疑念(substantial doubt)が存在する場合、監査人はネガティブトレンド(Negative Trend)について、例えば、運転資本不足、発生する営業損失、営業活動からのマイナスのキャッシュフロー、否定的な財務比率などに対して、経営陣がどのような対処を行うのかという経営計画を勘案しなければならない。考慮されるべき情報とは資産の重大な処分、債務弁済繰り延べ等、企業の継続能力が欠如していないかどうかである。企業の存続可能性は財務報告の前提となり、監査人は監査中に集めた情報を基に事業継続可能性について評価するのが義務である。監査報告書の適正意見は基本的に三つの段落、導入段落、範囲段落、意見段落から構成され形式が定まっており、Deloiiteは監査報告書で上記の三つの段落に加え、第四段落目にGoing Concernの説明段落を加えてGMの決算書に対してForm 10-Kの138頁で下記のように報告した。
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
General Motors Corporation, its Directors, and Stockholders:
We have audited the accompanying Consolidated Balance Sheets of General Motors Corporation and subsidiaries (the Corporation) as of December 31, 2008 and 2007, and the related Consolidated Statements of Operations, Cash Flows and Stockholders’ Equity (Deficit) for each of the three years in the period ended December 31, 2008. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and financial statement schedule are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of General Motors Corporation and subsidiaries at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
The accompanying consolidated financial statements for the year ended December 31, 2008, have been prepared assuming that the Corporation will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Corporation’s recurring losses from operations, stockholders’ deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also discussed in Note 2 to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
As discussed in Note 3 to the consolidated financial statements, the Corporation: (1) effective January 1, 2008, adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements, (2) effective January 1, 2007, adopted the recognition and measurement provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109, (3) effective January 1, 2007, changed the measurement date for defined benefit plan assets and liabilities to coincide with its year end to conform to Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans — an amendment of FASB Statements No. 87, 88, 106 and 132(R) (SFAS No. 158), and (4) effective December 31, 2006, began to recognize the funded status of its defined benefit plans in its consolidated balance sheets to conform to SFAS No. 158.
As discussed in Note 4 to the consolidated financial statements, on November 30, 2006, the Corporation sold a 51% controlling interest in GMAC LLC, its former wholly-owned finance subsidiary. The Corporation’s remaining interest in GMAC LLC is accounted for as an equity method investment.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Corporation’s internal control over financial reporting as of December 31, 2008, based on the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 4, 2009 expressed an adverse opinion on the Corporation’s internal control over financial reporting.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Detroit, Michigan
March 4, 2009
また、監査報告書のなかでInternal Control(内部統制)について、最終段落で不適正(Adverse)意見が表明されていた。つまり、GMの内部統制は機能不全であるということである。内部統制への意見は企業の財務処理、記帳、報告能力に関する手続きの有効性を評価するためのものであり、Sarbanes-Oxley Act of 2002の制定後、有価証券を発行している会社(Public companies refers to issuers of publicity traded securities)に対しては内部統制についても監査報告書の中に含めなければならない。
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