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Could just try just replacing the speed sensor and see how that works out - cheaper than dropping the transaxle pan and tearing all the guts out to diagnose it.
But this was a problem on other Toyota models - like the Camry and Rav4 - if you got both of those codes and there was a previous electrical change/problem (jumped the car, battery is dying, added new headunit, blown out lamp, etc.) - possible it is caused by an electrical issue inside the ECM. Had nothing to do with the transaxle or speed sensor.
Try resetting the ECM and see if the code comes back. If it stays off, chalk it up to an electrical gremlin - if it comes right back, then you likely have either that faulty part or the ECM is on the fritz, not seeing clean chassis ground.
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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