JICPA Publishes Report on Quality Control Review
JICPA published, on December 5, 2012, a summary report of the Quality Control Committee, related to its review for the six months ended September 30, 2012.
The JICPA quality control review, as prescribed by the JICPA Constitution, is performed for audits conducted by audit firms engaging in audits of listed companies, public interest entities and other certain entities under the CPA Act, in order to maintain and improve the quality of audit practices and to ensure public trust in audits.
As the revised "Quality Control Review Standard" and "Quality Control Review Procedures" have been effective from October 1, 2012, the summary report includes matters that were effective before the revision.
Prior to the publication, the same report was submitted for approval to the Quality Control Oversight Board composed of five non-CPAs and three CPAs on November 21, 2012 by the Quality Control Committee. The report is available in Japanese only.