What's New

JICPA issues a new quality control standard committee statement and, new and revised auditing standards committee statements.

On March 17, 2006, the JICPA Council approved a quality control standard committee statement, three new auditing standards committee statements and conforming changes to six auditing standards committee statements.
Following is the list of newly issued statements:

• Quality Control Standard Committee Statement No. 1, "Quality Control for Firms That Perform Audits"
• Auditing Standards Committee Statement No. 32, "Quality Control for Audits"
• Auditing Standards Committee Statement No. 33, "Change of Auditors"
• Auditing Standards Committee Statement No. 34, "Related Parties"

Further to the above statements, the JICPA also issued the revised statements to conform to the revised Auditing Standards and Semi-Annual Auditing Standards issued by the Business Accounting Council (BAC) in October 2005:

• Auditing Standards Committee Statement No. 17, "Semi-Annual Audit"
• Auditing Standards Committee Statement No. 27, "Audit Planning"
• Auditing Standards Committee Statement No. 28, "Audit Risk"
• Auditing Standards Committee Statement No. 29, "Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement"
• Auditing Standards Committee Statement No. 30, "The Auditor's Procedures in Response to Assessed Risks"
• Auditing Standards Committee Statement No. 31, "Audit Evidence"

These standards will be effective for periods beginning on or after April 1, 2006.

For further information on auditing system, auditing standards issued by the BAC and auditing standards committee statements issued by the JICPA, click here