JICPA's redrafted Quality Control Standards Committee Statement and Auditing Standards Committee Statements are now effective
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 No. |
Title |
|
Quality Control Standards Committee Statement (QCSCS) |
|
|
1 |
Quality Control for Audit Firms |
|
Auditing Standards Committee Statements (ASCSs) |
|
|
Preface |
Glossary of Terms and Structures of Auditing Standards Committee Statements |
|
200 |
Overall Objectives of the Financial Statement Audits |
|
210 |
Agreeing the Terms of Audit Engagements |
|
220 |
Quality Control for an Audit of Financial Statements |
|
230 |
Audit Documentation |
|
240 |
The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements |
|
250 |
Consideration of Laws and Regulations in an Audit of Financial Statements |
|
260 |
Communications with Those Charged with Governance |
|
265 |
Communicating Deficiencies in Internal Control |
|
300 |
Planning an Audit of Financial Statements |
|
315 |
Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and the Environment |
|
320 |
Materiality in Planning and Performing an Audit |
|
330 |
The Auditor's Responses to Assessed Risks |
|
402 |
Audit Considerations Relating to an Entity Using a Service Organization |
| 450 |
Evaluation of Misstatements Identified during the Audit |
|
500 |
Audit Evidence |
|
501 |
Audit Evidence - Specific Considerations for Selected Items |
|
505 |
External Confirmations |
|
510 |
Initial Audit Engagements - Opening Balances |
|
520 |
Analytical Procedures |
|
530 |
Audit Sampling |
|
540 |
Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures |
|
550 |
Related Parties |
|
560 |
Subsequent Events |
|
570 |
Going Concern |
|
580 |
Written Representations |
|
600 |
Group Audits |
|
610 |
Using the Work of Internal Auditors |
|
620 |
Using the Work of an Auditor’s Expert |
|
700 |
Forming an Opinion and Reporting on Financial Statements |
|
705 |
Modifications to the Opinion in the Independent Auditor's Report |
|
706 |
Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report |
|
710 |
Comparative Information - Corresponding Figures and Comparative Financial Statements |
|
720 |
The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements |