JICPA issued final reports of the Quality Control Standards Committee Statement, Auditing Standards Committee Statements, and Auditing and Assurance Practice Committee Practical Guideline
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.
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Report No. |
Title |
Interim Report No. |
Effective Dates |
|
Quality Control Standards Committee Statement |
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|
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 |
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|
Preface |
Glossary of Terms and Structures of Auditing Standards Committee Statements |
No. 72 |
As above |
|
200-299 General Principles and Responsibilities |
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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 |
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|
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 |
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|
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 |
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|
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 |
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|
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 |
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|
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 |
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|
86 |
Assurance Reports on Controls at a Service Organization |
No. 86 |
As above (Early application is permitted.) |
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