What's New (Apr, 2017)

FSA publishes "Audit Firm Governance Code"

April 19,2017

On March 31, 2017, Financial Services Agency (FSA) published “Principles for Effective Management of Audit Firms” (the Audit Firm Governance Code).

Following its publication, JICPA issued Chairman and President Statement to communicate the importance of an effective management and a continuing constructive dialogue between auditors and relevant stakeholders to enhance audit quality.

For more details, please visit the following links.

Provisional Translation of the Audit Firm Governance Code:

http://www.fsa.go.jp/news/28/sonota/20170331-auditfirmgc/3.pdf

JICPA Statement:

http://www.hp.jicpa.or.jp/english/news/files/0-99-0-2e-20170419.pdf

IFAC President visits Tokyo: Future of the Accounting and Auditing - Key to the Sustainable Growth

April 5,2017

From March 21 to 23, 2017, Ms. Rachel Grimes, President, Mr. Fayezul Choudhury, CEO, and Mr. Gary Pflugrath, Director, Public Policy and Regulation of the International Federation of Accountants (IFAC) visited Tokyo for a series of events and outreach activities in Japan.

During their visit, IFAC President and CEO were invited to deliver speeches on the future of accounting and auditing at the events organized by JICPA and Nikkei Inc., and also met with JICPA leadership and representatives from various organizations, including the Financial Services Agency (FSA), Certified Public Accountants and Auditing Oversight Board (CPAAOB), Tokyo Stock Exchange, the Securities Analysts Association of Japan, and United Nations Development Programme (UNDP) Representative Office in Tokyo to exchange views on IFAC activities and those of the respective organizations.

In particular to their visit to UNDP Representative Office in Tokyo, IFAC leadership shared with Mr. Tetsuo Kondo, Director of the UNDP Representative Office in Tokyo, the accountancy profession’s contribution to the United Nation’s Sustainable Development Goals (SDGs) outlined in the IFAC’s recent publication, “The 2030 Agenda for Sustainable Development – A Snapshot of the accountancy profession’s contribution.” Alongside this publication, the views were shared that the values such as transparency, trust and integrity that accountancy profession embraces will be key elements in achieving the SDGs, and being an essential driver of strong and sustainable organizations, financial markets, and economies, there is a positive correlation between the size and growth of the profession with the development of economy as well as the UN Human Development Index.

JICPA also shared its capacity building and development activities and its visions for playing key roles in enhancing profession’s contribution to SDGs in Japan and abroad.