Issuance of Ethics Committee Research Report No. 3 "Independence required for the audit of audit corporations"
July 28, 2008JICPA issued on June 10, 2008 an Ethics Committee Research Report No. 3 "Independence required for the audit of audit corporations". A limited liability audit corporation system was introduced in Japan with the partial amendment of the CPA Act in June 2007. The financial statements of limited liability audit corporations require to be audited the auditor report by an independent auditor with no specific interest in the audit corporations. This report has aimed to serve for the practical judgment of independence and provides the fundamental concept under the Code of Ethics and how to apply such concept to specific circumstances.
This report is available in Japanese only.