JICPA Publishes Report on Quality Control Review
February 20, 2008
JICPA published a summary report of the Quality Control Committee, related to its quality control review for the six months ended September 30, 2007.
According to the report, some deficiencies were identified in certain files of audit firms for which quality control reviews have been completed in the first half of this fiscal year. These were related to area of risk assessment and resulting audit procedures; audit procedures of certain accounting estimates; and engagement quality control reviews. In addition, there was one instance where the Quality Control Committee reported to the Chairman and President of JICPA, in accordance with our Constitution. This case related to impairment of auditor independence, since only one partner was involved in the audit engagements.
The summary of the report is available only in Japanese.