JICPA Publishes an Overview of the Quality Control Review for the Year Ending March 31, 2008
August 22, 2008
On July 9, 2008, JICPA published an overview of the Quality Control Committee's review of quality control for the year ended March 31, 2008.The JICPA has performed quality control reviews for audit firms that audit listed companies and certain large companies as prescribed by the CPA Act. By the end of the last fiscal year, 131 audit firms were reviewed, out of 395 firms subject to quality control review by JICPA. In addition, as the listed company audit firm registration system started this year, JICPA executed follow-up reviews to 104 firms that audit listed companies though they were not in the normal review cycle.
As a result of these, the implementations to the past recommendations for improvements were confirmed of all firms that audit listed companies. In addition, measures under the listed company audit firm registration system were executed to the audit firms whose implementation was considered remarkably insufficient.
An English translation of this report will be available soon.