What's New (Nov, 2011)

November 24,2011

The Auditing Standards Committee announced, on October 13, 2011, the following seven Auditing Standards Committee Statements as part of JICPA responses to the Clarity Project of the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants.

■ Auditing Standards Committee Statements No.65 "Going Concern (Interim Report)"

■ Auditing Standards Committee Statements No.66 "Consideration of Laws and Regulations in an Audit of Financial Statements (Interim Report)"

■ Auditing Standards Committee Statements No.67 "Audit Considerations Relating to an Entity Using a Service Organization (Interim Report)"

■ Auditing Standards Committee Statements No.68 "Initial Audit Engagements – Opening Balances (Interim Report)"

■ Auditing Standards Committee Statements No.69 "Change of Auditors (Interim Report)"

■ Auditing Standards Committee Statements No.70 "Agreeing the Terms of Audit Engagements ( Interim Report)"

■ Auditing Standards Committee Statements No.71 "Interim Audit (Interim Report) "

Amongst aforementioned statements, statement No. 67 should be read in conjunction with the Auditing and Assurance Practice Committee Practice Guideline No. 86, "Assurance Reports on Controls at a Service Organization (Interim Report)," as the two documents relate closely to each other. Furthermore, although the statement No. 70 provides practical guidance on the agreement on terms of audit engagements,　the illustrations for audit engagement contracts will continue to be provided in the reports issued from the Laws and Regulations Committee. The final versions of those interim reports will be published after going through some adjustments, and they will be effective for audits for the financial year starting from April 1 2013, and for interim audits of subsequent periods.