JICPA issued the Auditing Standards Committee Statement No.57
The Auditing Standards Committee released the following statement No.57, as part of its project to redraft its statements along with its new drafting principles (such as the obligation to clarify the procedures) established in response to the Clarity Project of the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants.
Auditing Standards Committee Statements No.57 "Related Parties" (Interim report)
After exposing the draft statement on July 30th 2010, and extensive comments from the public, the committee considered some of the submitted comments and made some changes in wordings in order to make the draft more readily understandable.
The effective date of the standard will be determined in the future at the Executive Board Members’ meeting.