JICPA published the Auditing and Assurance Practice Committee Practical Guideline No. 85 "Illustrations of Auditors' Reports"
JICPA published, on July 8, 2011, the Auditing and Assurance Practice Committee Practical Guideline No. 85 "Illustrations of Auditors' Reports. "The guideline was published in response to the publications of the "Position Paper on the Revision of the Auditing Standards" on March 26, 2010, and the “Position Paper on the Revision of Auditing Standards for Interim Audits" on June 30, 2011, by the Business Accounting Council of the Financial Services Agency.
This publication of the practical guideline is a result of careful consideration by the JICPA of illustrations of auditors' reports used in audits pursuant to the Financial Instruments and Exchange Act and Companies Act.
The guideline will be effective for the audits of both consolidated and non-consolidated financial statements and for the interim audits of both interim consolidated and non-consolidated financial statements, starting from April 1, 2011.
With the publication of this guideline, the Auditing and Assurance Practice Committee Practical Guideline No. 75 "Practical Guideline on Preparation of Auditor's Report" will be abolished. However, this guideline will remain applicable to the audits of both consolidated and non-consolidated financial statements and for the interim audits of both interim consolidated and non-consolidated financial statements starting before April 1, 2011.