JICPA issues revised "Quality Control Review Standard" and "Quality Control Review Procedures"
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.