JICPA published the Auditing and Assurance Practice Committee Statement No. 82 "Practical Guidance for Audits of Internal Control over Financial Reporting"
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.