What's New (Dec, 2010)

December 24,2010

The Certified Public Accountants and Auditing Oversight Board (CPAAOB) released, on November 15, 2010, the list of applicants who passed the CPA examination in 2010. Out of 25,648 applicants, 2,041 candidates passed all subjects, with the examination pass rate of 8.0%.

December 24,2010

JICPA published, on November 17, 2010, a summary report of the Quality Control Committee, related to its review for the six months ended September 30, 2010, with the approval by the Executive Board Meeting held on November 16, 2010. 

The JICPA quality control review, as prescribed by the JICPA Constitution, is performed for audits conducted by audit firms engaging in audits of listed companies and other certain large companies etc. under the CPA act, in order to maintain and improve the quality of audit practices and to ensure the public trust in audits. 

The report was submitted to the Quality Control Oversight Board (members include five highly experienced individuals outside the profession and three CPAs) held on November 1, 2010, and evaluation was performed for the adequacy of the quality control reviews by the Quality Control Committee. The report is available in Japanese only.