What's New (Jan, 2009)

January 28,2009

JICPA published, on December 9, 2008, a summary report of the Quality Control Committee, related to its review for the six months ended September 30, 2008.

By the end of this fiscal year to March 31, 2009, 120 firms would have been subjected to quality control review by JICPA. In the first half of this fiscal year, quality control reviews were completed, and reports issued, for nine audit firms. Because the quality control reviews begin in July, the number of completed reviews in the first half of the year is relatively small.

According to the report, there was one instance where a qualified conclusion was expressed, related to the area of audit procedures of certain accounting estimates.

Following the recommendations of the Quality Control Oversight Board in the previous year, JICPA decided to focus its quality control reviews of this year on the following areas: adherence to professional standards, laws, and regulations; consideration of significant matters in forming an audit opinion; and follow-up reviews of listed company audit firms.

The summary of the report is available only in Japanese.