What's New (Oct, 2012)

October 30,2012

On October 25, 2012, the 20th Annual Exchange Meeting with the Korean Institute of Certified Public Accountants (KICPA) was held at the JICPA. This meeting is held annually to discuss matters related to accounting and auditing in both countries, and facilitate mutual understanding and cooperation between the two institutions.

October 25,2012

On September 4, 2012, JICPA issued a revision of "Quality Control Review Standard" and "Quality Control Review Procedures."

The revised Standard incorporates changes from the newly revised Auditing Standards Committee Statements that have been redrafted in accordance with the new drafting conventions, and other changes following the revisions of rules for Listed Company Audit Firms Registration System and items to be included in quality control review reports.

Major revisions to the Quality Control Review Procedures include the following:

■  Changes in terms, titles and quotations used

■ References to the quality control reviews conducted at the request of members

■  Items to be included in the follow-up review reports when improvements in firms’ quality control are not sufficient

■  Matters with relate to the timing of reviews

■  Procedures to be followed when audit firms disclose quality control review reports to the third party

■  Changes in scheduling of reviews

■  Procedures to be followed when obtaining related materials to be attached to the recording sheets for matters identified during reviews

■  Updates from the revised rules for Listed Company Audit Firms Registration System

These documents are available in Japanese only.

October 2,2012

On September 27, 2012, JICPA held a discussion meeting with Prof. Arnold Schilder, a chairman of the International Auditing and Assurance Standards Board (IAASB), and Mr. James Gunn, technical director of IAASB, who visited Japan for outreach activities.

On this occasion of their visit, Prof. Schilder and Mr. Gunn delivered a special lecture, entitled “Responding to Today’s Challenges – Audit Relevance and Significant IAASB Developments" at JICPA headquarters on September 28. This lecture was attended by more than 130 people.

During the lecture, Prof. Schilder and Mr. Gunn explained recent activities of IAASB, including the clarity project of ISAs and improvement of auditor reporting, in detail.