What's New

JICPA's redrafted Quality Control Standards Committee Statement and Auditing Standards Committee Statements are now effective

April 27, 2012

Redrafted Quality Control Standards Committee Statement (hereafter referred to “QCSCS”) and Auditing Standards Committee Statements (hereafter referred to “ASCSs”) are now effective for the periods beginning on or after April 1, 2012.


Redrafted QCSCS and ASCSs are prepared primarily based on the clarified ISAs and ISQC 1 (including conforming amendments) of the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants. There are, however, some modifications from the IAASB pronouncements, as  those sections of “Considerations Specific to Public Sector Entities,” that appear in the ISAs under the headings of “Application and Other Explanatory Materials,” are not included in the redrafted ASCSs.  


JICPA issued, on December 22nd 2011, one QCSCS and 34 ASCSs with the same numbers used in clarified ISAs and ISQC1. These redrafted QCSCS and ASCSs are as follows:





JICPA Report



 Quality Control Standards Committee Statement (QCSCS) 


 Quality Control for Audit Firms 

 Auditing Standards Committee Statements (ASCSs)


 Glossary of Terms and Structures of Auditing Standards Committee Statements


 Overall Objectives of the Financial Statement Audits


 Agreeing the Terms of Audit Engagements


 Quality Control for an Audit of Financial Statements


 Audit Documentation


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


 Consideration of Laws and Regulations in an Audit of Financial Statements


 Communications with Those Charged with Governance


 Communicating Deficiencies in Internal Control


 Planning an Audit of Financial Statements


 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and the Environment


 Materiality in Planning and Performing an Audit


 The Auditor's Responses to Assessed Risks


 Audit Considerations Relating to an Entity Using a Service Organization


 Evaluation of Misstatements Identified during the Audit


 Audit Evidence


 Audit Evidence - Specific Considerations for Selected Items


 External Confirmations


 Initial Audit Engagements - Opening Balances


 Analytical Procedures


 Audit Sampling


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


 Related Parties


 Subsequent Events


 Going Concern


 Written Representations


 Group Audits


 Using the Work of Internal Auditors


 Using the Work of an Auditor’s Expert


 Forming an Opinion and Reporting on Financial Statements


 Modifications to the Opinion in the Independent Auditor's Report


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


 Comparative Information -  Corresponding Figures and Comparative Financial Statements


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


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