Amendment of Quality Control Standards Committee Statement No.1 "Quality Control for Firms that Perform Audits", and of Auditing Standards Committee Statement No.32 "Quality Control for Audits"
April 21, 2008
To respond to the amendment of the CPA Act and relevant regulations and to the introduction of audits of management's assessment of internal control over financial reporting and reviews of quarterly financial statements, the Quality Control Standards Committee and the Auditing Standards Committee deliberated upon the need to revise their guidance related to quality controls of audits. As a result, the Quality Control Standards Committee revised its Statement No.1 "Quality Control for Firms that Perform Audits", and the Auditing Standards Committee revised its Statement No.32 "Quality Control for Audits". These statements are effective for audits of financial statements for periods beginning on or after April 1, 2008.