What's New

JICPA issued final reports of the Quality Control Standards Committee Statement, Auditing Standards Committee Statements, and Auditing and Assurance Practice Committee Practical Guideline

January 26, 2012

Since 2007, JICPA has continued its work to redraft its Quality Control Standards Committee Statement and all existing Auditing Standards Committee Statements, along with the clarified International Standards on Auditing (ISA) and International Standards on Quality Control (ISQC) of the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants.

 

As the redrafting work was expected to take several years before finalization, the statements newly redrafted along with the new drafting conventions, except for the statements related to Auditor’s Report, have been issued as interim reports.

On October 13th 2011, JICPA published remaining seven Auditing Standards Committee Statements, together with Auditing and Assurance Practice Committee Practical Guideline No 86, “Assurance Reports on Controls at a Service Organization” which was previously included in the Auditing Standards Committee Statements.

 

With the completion of a series of redrafting work related to an audit of general purpose financial statements, and after going through some adjustments within all 38 interim reports including Assurance Practice Committee Practical Guideline No 86, the statements were re-exposed on October 24th 2011.

 

As a result of careful consideration of the comments received, JICPA published following final reports.

 

 Report  

 No.

Title

 Interim Report 

 No.

Effective Dates

 Quality Control Standards Committee Statement 

 

 1

 

 Quality Control for Audit Firms

 

 No.1

 Effective for audits of financial statements for periods beginning on or after April 1 2012, and for interim audits for subsequent periods

 Auditing Standards Committee Statements 

 Preface

 Glossary of Terms and Structures of Auditing Standards Committee Statements

 No. 72

 As above

 200-299 General Principles and Responsibilities   

 200

 Overall Objectives of the Financial Statement Audits

 No. 51

 As above

 210

 Agreeing the Terms of Audit Engagements

 No. 70

 As above

 220

 Quality Control for an Audit of Financial Statements

 No. 58

 As above

 230

 Audit Documentation

 No. 45

 As above

 240

 The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements

 No. 40

 As above

 250

 Consideration of Laws and Regulations in Audit of Financial Statements

 No. 66

 As above

 260

 Communications with Those Charged with Governance

 No. 52

 As above

 265

 Communicating Deficiencies in Internal Control

 No. 53

 As above

 300-499 Risk Assessment and Response to Assessed Risks

 300

 Planning an Audit of Financial Statements

 No. 37

 As above

 315

 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment

 No. 38

 As above

 320

 Materiality in Planning and Performing an Audit

 No. 42

 As above

 330

 The Auditor's Responses to Assessed Risks

 No. 39

 As above

 402

 Audit Considerations Relating to an Entity Using a Service Organization

 No. 67

 As above

 450

 Evaluation of Misstatements Identified During the Audit

 No. 43

 As above

 500-599 Audit Evidence 

 500

 Audit Evidence

 No. 46

 As above

 501

 Audit Evidence - Specific Considerations for Selected Items

 No. 47

 As above

 505

 External Confirmations

 No. 54

 As above

 510

 Initial Audit Engagements - Opening Balances

 No. 68

 As above

 520

 Analytical Procedures

 No. 55

 As above

 530

 Audit Sampling

 No. 48

 As above

 540

 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

 No. 44

 As above

 550

 Related Parties

 No. 57

 As above

 560

 Subsequent Events

 No. 59

 Effective from Audits of financial statements for periods ending on or after March 31 2012, and for interim audits of financial statements for periods ending on or after September 30 2011

 570

 Going Concern

 No. 65

 Effective for audits of financial statements for periods beginning on or after April 1, 2012, and for interim audits for subsequent periods

 580

 Written Representations

 No. 56

 As above

 600-699 Using Work of Others 

 600

 Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)

 No. 41

 As above

 610

 Using the Work of Internal Auditors

 No. 49

 As above

 620

 Using the Work of an Auditor’s Expert

 No. 50

 As above

 700-799 Audit Conclusions and Reporting  

 700

 Forming an Opinion and Reporting on Financial Statements

 No. 60

 Effective from Audits of financial statements for periods ending on or after March 31 2012, and for interim audits of financial statements for periods ending on or after September 30 2011

 705

 Modifications to the Opinion in the Independent Auditor's Report

 No. 61

 As above

 706

 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report

 No. 62

 As above

 710

 Comparative Information -  Corresponding Figures and Comparative Financial Statements

 No. 63

 As above

 720

 The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements

 No. 64

 As above

 900-999 Related Matters 

 900

 Change of Auditors

 No.69

 Effective for audits of financial statements beginning on or after April 1 2012, and for interim audits of subsequent periods

 910

 Semi Annual Audit

 No. 70

 As above

 Auditing and Assurance Practice Committee Practical Guideline 

 86

 Assurance Reports on Controls at a Service Organization

 No. 86

 As above

(Early application is permitted.) 

 

   
       
 
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