Independent Auditor’s Report and Internal Control Audit Report
April 25, 2024

To the Board of Directors of Artner Co., Ltd.
KPMG AZSA LLC
Osaka Office
NAKAHATA Takahide, Designated Limited Liability and Engagement
Partner, Certified Public Accountant

KOMATSUNO Satoru, Designated Limited Liability and Engagement
Partner, Certified Public Accountant

Financial Statement Audit
Opinions
To execute audit certification pursuant to Article 193-2, paragraph (1) of the Financial Instruments and Exchange Act, we audited Artner
Co., Ltd.’s financial statements for FY2024 (reporting period 61; from February 1, 2023 to January 31, 2024) shown in “FinancialInformation,” namely the balance sheet, statement of income, statement of changes in equity, statement of cash flows, significant
accounting policies, other notes, and supplementary schedule.
We acknowledge that the above financial statements comply with the business accounting standards that are generally accepted as fair
and appropriate in Japan to correctly present, in all material respects, Artner’s financial status as of January 31, 2024 as well as its
business performance and cash flows for the fiscal year that ended on the same date.
Basis for Opinions
We conducted the audit in accordance with auditing standards that are generally accepted as fair and appropriate in Japan. Our
responsibilities under these standards are described in the Responsibilities of the Auditor in a Financial Statement Audit. We areindependent of Artner pursuant to relevant ethics required of professionals in Japan, and we fulfill other ethical responsibilities we haveas an auditor. We are certain that we have obtained sufficient and appropriate evidence that serves as the basis for our opinions.
Major Particulars to Consider in the Audit
Major particulars to consider in the audit refer to matters that the professional auditor judged to be of special significance in the financial
statement audit for the fiscal year under review. Those particulars were addressed while we audited all financial statements and formed
our opinions. We are not to express our opinions about each of these particulars.

Accuracy of net sales from the engineer dispatching business
Major particulars to consider in the audit and reasons for theCourse of action by the auditor
decision
Artner Co., Ltd. (hereinafter referred to as the “Company”) had We mainly took the course of action stated below to examine thenet sales of JPY 10,110,524 thousand, and JPY 9,116,361 accuracy of sales from the engineer dispatching business.
thousand of this amount came from the engineer dispatching (1) Evaluation of internal control
We evaluated the validity of the design and implementation of thebusiness, accounting for 90 percent of net sales.
In the engineer dispatching business, sales are recognized once the Company’s internal controls in connection with the process ofservices have been rendered and the value is judged to have been recording sales from the engineer dispatching business. We focused
established in accordance with the realization principle. Once the particularly on the following during evaluation:
services are judged to have been rendered, the Company - Control on sales calculated based on the unit price specified ineach agreement with a client and billable hours worked by themultiplies the unit price prescribed by the contract with the client
assigned engineer. The department in charge of entering sales(hereinafter referred to as the “price of a contract”) by the hours
figures confirms the accuracy of calculated sales, and the controlworked by the assigned engineer, and records the calculated figureand sales department approves and reports this accountas sales.
receivable.
When sales from the engineer dispatching business are recorded,
there is a risk of recording wrong figures for sales mostly for the -When there is any difference in the payment of the receivable, theaccounting department checks the rationality of the cause of thefollowing reasons:difference.
- The Company enters into individual agreements with each client(2)
Examination of the accuracy of sales figuresthat specifies the price of a contract and billable hours based onWecarried out audit procedures that include the following in order
the level of the engineer’s skills, and these terms differ between
toexaminewhether sales from the engineer dispatching businessengineers.
areaccuratelyrecorded.
- The staff in charge of entering sales figures in the informationWe
identified
transactions that were potentially wrong in theirsystem calculates billable hours out of the total hours worked
recordedsales
figures considering the general monetary amountbased on the terms of each agreement, and the data the staff haveof
transactionswith each client, and re-calculated those figures
to process are enormous.
basedonthepriceof a contract specified in each agreement andFor these reasons, we judged that it was particularly important tothehours
approved
by the clients. We confirmed that the reexamine the accuracy of sales from the engineer dispatchingcalculated
figures
werethe same as the sales figures calculated
business during the financial statement audit for the fiscal year
bytheCompany.
under review, and thus this issue constitutes a major particular to- Clients who had been extracted by statistical means were asked toconsider in the audit.
complete and return a balance confirmation letter pertaining toaccounts receivable. We obtained the completed letters directlyfrom the clients to check them against the book balance.
We perused reports pertaining to year-end differences inpayments the Company had received to see if there were any
differences in payments and studied the causes of thosedifferences, thereby checking for any significant differencesthat needed to be examined to identify the causes.
Other Information
Other information refers to information other than the financial statements and the auditor’s report included in the Annual Securities
Report. Management is responsible for preparing and disclosing other information. The Audit and Supervisory Committee is responsible
for overseeing the execution of duties by directors in the designing and implementation of the process of reporting other information.
Our opinions on the financial statements do not cover other information, and we are not to express our opinions on such information.
In a financial statement audit, we are responsible for reading all the content of other information and, in this process of perusal, examining
whether there are any material inconsistencies between the content of other information and the financial statements or the knowledge
we had acquired during the audit. We are also responsible for paying attention to any signs of material errors in the content of otherinformation, other than those material inconsistencies.
If we judge, based on the work we have done, that other information contains any material errors, we are required to report the fact.
Other information in this Annual Securities Report does not contain any issues we should report.
Responsibilities of management and the Audit and Supervisory Committee for financial statements
Management is responsible for preparing and correctly presenting financial statements in accordance with business accounting standards
that are generally accepted as fair and appropriate in Japan. This includes designing and implementing internal control that management

has decided is essential to prepare and correctly present financial statements that contain no material misrepresentations due to a wrongful
act or errors.
When preparing financial statements, management is responsible for evaluating as to whether it is appropriate to prepare financial
statements according to the going concern assumption, and, if matters concerning the going concern must be disclosed in accordancewith business accounting standards that are generally accepted as fair and appropriate in Japan, management is also responsible fordisclosing those matters.
The Audit and Supervisory Committee is responsible for overseeing the execution of duties by directors in the designing andimplementation of the process of financial reporting.
Responsibilities of the auditor in a financial statement audit
The auditor is, based on the audit it has conducted, responsible for obtaining a rational guarantee as to whether the Company’s financial
statements as a whole contain any material misrepresentations due to a wrongful act or errors, and for expressing its opinions on thefinancial statements in the auditor’s report from an independent viewpoint. A misrepresentation may occur due to a wrongful act orerrors. It may influence decisions made by users of the financial statements on its own or when it is added up, and when such influenceis likely, a misrepresentation is judged to be material.
The auditor makes professional judgments throughout an audit in accordance with auditing standards that are generally accepted as fair
and appropriate in Japan, and conducts the following with professional skepticism:- Identify and assess the risk of material misrepresentations due to a wrongful act or errors. Plan and implement audit procedures
designed to manage the risk of material misrepresentation. The auditor selects and applies audit procedures at its own discretion.
Also obtain sufficient and appropriate evidence that serves as the basis for the auditor’s opinions.
- Although expressing an opinion about the effectiveness of internal control is not the objective of a financial statement audit, theauditor reviews internal control associated with audits in order to plan appropriate audit procedures that are suitable for the situation
when it conducts risk assessment.
- Assess the accounting policies adopted by the management and the appropriateness of how the policies are applied, along with therationality of accounting estimates made by the management and the validity of relevant notes.
- Draw conclusions about whether it is appropriate that the management prepares financial statements as the going concern assumption,and, based on audit evidence that has been obtained, whether material uncertainty is noted in connection with an event or circumstancethat would raise material doubt on the going concern assumption. If there is material uncertainty related to going concern assumption,
call for attention thereto in notes for the financial statements in the auditor’s report is required. If making a note on the material
uncertainty for the financial statements is inappropriate, the auditor is expected to present an opinion with exclusions on the financial
statements. Conclusions drawn by the auditor are based on audit evidence obtained by the date of the auditor’s report. Depending on
future events and circumstances, the Company may become unable to continue as a going concern.
- Evaluate as to whether the presentation of the financial statements and the notes therein comply with the accounting standards thatare generally accepted as fair and appropriate in Japan. Also evaluate as to whether the presentation, structure, and contents of thefinancial statements including relevant notes, and the financial statements, correctly present the transactions and accounting events
that serve as bases.
The auditor reports to the Audit and Supervisory Committee the planned audit scope and schedule, significant audit findings that include
material deficiencies in internal control identified during the audit, and other matters required by the auditing standards.
The auditor also reports to the Audit and Supervisory Committee the fact that it has complied with relevant ethics in Japan required ofa professional regarding independence, matters that may reasonably be thought to influence the independence of the auditor, andmeasures taken to eliminate obstructions or safeguards applied to reduce obstructions to an acceptable level, if any.
The auditor determines that the matters discussed with the Audit and Supervisory Committee and judged to be of special significance inthe financial statement audit for the fiscal year under review are major particulars to consider in the audit, and states these particulars in
the audit report accordingly. However, these matters are not included in the auditor’s report if laws and regulations prohibit thepublication thereof, or if, in extremely rare circumstances, the auditor decides against stating the matters in the auditor’s report because
adverse consequences of doing so would reasonably be expected to outweigh the public interest.
Audit of Internal Control
Opinions
To execute audit certification pursuant to Article 193-2, paragraph (2) of the Financial Instruments and Exchange Act, we audited ArtnerCo., Ltd.’s internal control report that was current as of January 31, 2024.
We acknowledge that the above internal control report, in which Artner presents the validity of its internal controls over the financial
reports as of January 31, 2024, complies with the standards for the evaluation of internal controls over financial reporting that aregenerally accepted as fair and appropriate in Japan to adequately present, in all material respects, the results of the evaluation of internal
controls over financial reports.

Basis for Opinions
We audited Artner’s internal control in accordance with standards that are generally accepted as fair and appropriate in Japan for anaudit of internal controls over financial reports. Our responsibilities under these standards for an audit of internal controls over financial
reports are described in the Auditor’s Responsibilities for the Audit of Internal Control. We are independent of Artner pursuant torelevant ethics required of professionals in Japan, and we fulfill other ethical responsibilities we have as an auditor. We are certain that
we have obtained sufficient and appropriate evidence that serves as the basis for our opinions.
Responsibilities of management and the Audit and Supervisory Committee for an internal control reportManagement is responsible for designing and implementing internal controls over financial reports in order to prepare and correctly
present the Company’s internal control report in accordance with standards that are generally accepted as fair and appropriate in Japanfor evaluation of internal controls over financial reports.
The Audit and Supervisory Committee is responsible for overseeing and verifying how the Company’s internal controls over financial
reports is designed and implemented.
There is a possibility that internal controls over financial reports may not completely prevent or detect all misrepresentations in financial
reporting.
Responsibilities of the auditor in the audit of internal control
The auditor is, based on the audit of internal control it has conducted, responsible for obtaining a rational guarantee as to whether theCompany’s internal control report contains any material misrepresentations, and for expressing its opinions on the internal control reportin the auditor’s report on internal control from an independent viewpoint.
The auditor makes professional judgments throughout an audit in accordance with standards that are generally accepted as fair andappropriate in Japan for an audit of internal controls over financial reports, and conducts the following with professional skepticism:- Follow the audit procedures for obtaining audit evidence for the results of the evaluation of the Company’s internal controls overfinancial reports in the internal control report. The procedures for the audit of internal control are selected and applied at the auditor’s
discretion based on the materiality of the impact on the reliability of the Company’s financial reporting.
- Examine the overall presentation of the Company’s internal control report, including statements made by management about thescope of the evaluation of internal controls over financial reports, assessment procedures, and assessment results.
- Obtain sufficient and appropriate audit evidence for the results of the evaluation of the Company’s internal controls over financial
reports in the Company’s internal control report. The auditor is responsible for giving instructions on, overseeing, and implementing
the audit of the Company’s internal control report.
The auditor reports to the Audit and Supervisory Committee the planned scope of the audit of internal control along with the audit
schedule, the results of the audit of internal control, material deficiencies identified in internal control that should be disclosed, theresults of rectification of these deficiencies, and other matters required by the standards for an audit of internal control.
The auditor also reports to the Audit and Supervisory Committee the fact that it has complied with relevant ethics in Japan required ofa professional regarding independence, matters that may reasonably be thought to influence the independence of the auditor, andmeasures taken to eliminate obstructions or safeguards applied to reduce obstructions to an acceptable level, if any.
The auditor also reports to the Audit and Supervisory Committee the fact that it has complied with relevant ethics in Japan required ofa professional regarding independence, matters that may reasonably be thought to influence the independence of the auditor, andmeasures taken to eliminate obstructions or safeguards applied to reduce obstructions to an acceptable level, if any.
Interest that must be indicated according to the Certified Public Accountants Act of Japan
We do not have any interest in the Company that should be indicated herein according to the Certified Public Accountants Act of Japan.
END
Notes: 1. Notes: 1. The Company (the company that has submitted the Annual Securities Report) retains the original of the auditor’sreport stated above.
2. XBRL data are outside the audit scope.