JICPA issued IT Committee Practical Guideline No. 6 "Identifying and Assessing the Risks of Material Misstatement and the Auditor's Response to the Assessed Risks Relating to the IT based Information System"
JICPA issued, on December 22, 2011, the practical guideline on identifying and assessing the risks of material misstatement in the audits of financial statements, and the auditor’s response to the assessed risks relating to the IT-based information system. This will be consistent with the new Auditing Standards Committee Statements redrafted based on the new drafting conventions of the Auditing Standards Committee.
The guideline will be effective for audits of financial statements for periods beginning on or after April 1 2012, and for interim audits for subsequent periods, replacing IT Committee research report No.3 on the same subject.
Based on this guidance, JICPA plans to review and develop a new Q&A on the points to be noted for auditors when assessing and responding to the risks, which may be useful to the practical application by the members.