The revised Certified Public Accountants Act, which became effective in April 2008, introduced notification requirements, accompanied with administrative actions such as instruction, mandatory collection of reports and on-site inspection, for foreign audit firms, etc. The Certified Public Accountants and Auditing Oversight Board (CPAAOB) and the Financial Services Agency (FSA) have put together the attached “Draft Framework for Inspection/Supervision of Foreign Audit Firms, etc.” and have posted it for public consultation on CPAAOB and FSA websites, in order to establish policies and specific procedures. Comments should reach us by 5.00 PM on July 13, 2009 (JST). Comments may be submitted via post, fax or e-mail and should be accompanied by the name and postal address of the person and/or organization and the reasons for the comments. Comments by phone are not accepted. Please note that the received comments, including the name of the person and/or organization, may be published. Furthermore, the CPAAOB / FSA will not respond to any individual respondent in person. Attachment: A Draft Framework for Inspection/Supervision of Foreign Audit Firms, etc. (PDF:29KB) |
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