What's New (Oct, 2011)

October 20,2011

On September 16, 2011, the 32nd JICPA Annual Conference was held at the RIHGA Royal Hotel in Hiroshima. Four concurrent sessions were provided during both morning and afternoon programs, and Mr. Nobuhiko Obayashi, the famous film maker from Hiroshima prefecture, presented a commemorative speech. The conference was attended by over 1,000 participants including JICPA members, and many others with interest in financial reporting.

October 7,2011

On October 6 2011, Mr. Shozo Yamazaki, Chairman and President of JICPA, with 4 other representatives from JICPA visited Seoul, and attended the 19th Annual Exchange Meeting with Korean Institute of Certified Public Accountants (KICPA).

October 3,2011

 JICPA published, on August 10, 2011, the Auditing and Assurance Practice Committee Statement No. 82 "Practical Guidance for Audits of Internal Control over Financial Reporting."
The statement was revised in response to the publication of the “On the Revision of the Standards and Statement for Management Assessment and Audit concerning Internal Control Over Financial Reporting(Council Opinions)”, on March 30, 2011, by the Business Accounting Council of the Financial Services Agency.
The major revisions to the statement are as follows:
1. Audits of internal control shall be conducted with the appropriate understanding of the management assessment.
2. Audits of internal control and audits of financial reporting shall be conducted effectively and efficiently, with further integration of their practice, based on the sufficient understanding of management assessment of, and maintenance and operation of, the internal control system and their significance on audits.
3. Notes were added pertaining to the audits of internal control for SMEs.
4. Contents and illustrative examples of the auditor’s report on the internal control report were revised, in response to the changes in the classifications and contents of the auditor’s report.

October 3,2011

JICPA published, on August 12, 2011, the final report on the findings from a survey conducted relating to the issue of the Professional Accountants in Business (PAIBs). The survey was conducted with the aim to understand the current status of the PAIBs and the challenges that they may face in organizations such as listed companies, while also assisting the JICPA to consider future steps in the “labor market of the professional accountants.”

The survey was available on our website with the comment period from February 14th to March 11th, and a total of 2,489 comments were received. The report and the detailed results of the survey are available on our website only in Japanese.