What's New (Mar, 2007)
The Business Accounting Council issued the Standard for Evaluation and Audit for Internal Control over Financial Reporting
March 22,2007
The Business Accounting Council, an advisory body of the Financial
Services Agency of Japan, approved at a council meeting on February 15,
2007, the opinion statement on the Standard and Implementation Guidance
for Evaluation and Audit for Internal Control over Financial Reporting.
This opinion statement was published immediately.
The Financial Instruments and Exchange Law, enacted in June 2006,
requires the management of a listed entity to examine and evaluate its
own internal control over financial reporting, and auditors to audit
the report of the evaluation prepared by the management. This
requirement will be implemented from periods beginning on or after
April 1, 2008. This opinion statement will apply to this implementation
of the requirement.
These documents are available in Japanese only.
JICPA issues the amended Code of Ethics and Application Guidance of Conceptual Framework on Independence
March 22,2007
The amended Code of Ethics, approved at the special assembly in
December 2006, was issued after receiving the approval of the
Commissioner of the Financial Services Agency of Japan on February 2,
2007. In conjunction with this Code of Ethics, the Application Guidance
of Conceptual Framework was also issued.
This amendment covers a broad range of subjects. Major changes include
the overall implementation of a conceptual framework approach, a new
chapter to cover members in business, and ethical matters concerning
the relationship between a network firm including firms controlled by a
member and its client.
These documents are available in Japanese only.
The International Relations Committee Completed the Translation of the Quality Control Review Report (March 22, 2007)
March 22,2007
The International Relations Committee completed the translation of the quality control review report "Overview of the Results of Quality Control Review for the Year Ended March 31, 2006" originally issued on July 4, 2006.
The translated document and more information about the quality control review conducted by the JICPA is available at:http://www.hp.jicpa.or.jp/english/accounting/qc/index.html.
JICPA Responds to Consultation on Implementation of Article 45-47 of the Directive on Statutory Audit (2006/43/EC), Cooperation with Non-EU Jurisdictions on Auditor Oversight
March 17,2007
The JICPA submitted comments on Consultation on Implementation of Article 45-47 of the Directive on Statutory Audit (2006/43/EC), Cooperation with Non-EU Jurisdictions on Auditor Oversight, issued by the Directorate General for Internal Market and Services of European Commission (EC).
JICPA's comment letters can be obtained at:
http://www.hp.jicpa.or.jp/english/images/e-20070307.pdf
(PDF · 5P · 322.1KB)
Adobe Reader is required to see the PDF data.
