JICPA announces sanctions against audit firms registered with the Center for Listed Company Audit Firms
April 21, 2008
JICPA introduced a registration system for firms which audit listed companies in April 2007 with the aims of improving the effectiveness of the quality control review, enhancing the quality control systems of audit firms that audit listed companies (both of which tend to have wide public influence) and ensuring confidence in CPA audits in capital markets. As part of this system, the Quality Control Committee proposed sanctions against registered audit firms. On March 17, 2008, the Quality Control Oversight Board, which consists of JICPA members and some knowledgeable persons as non members, deliberated upon the matter. JICPA announced the result of the deliberations on March 26, 2008 (available in Japanese only).