Press Conference by the Commissioner

(Excerpt)

April 5 , 2004

Q.

The Certified Public Accountants and Auditing Oversight Board (CPAAOB) has been established. What kind of role do you expect it?

A.

The CPAAOB takes over the operations previously implemented by the Certified Public Accountants Examination and Investigation Board. In addition, the CPAAOB monitors and reviews the quality control review of internal control and examination system of audit firms by the Japanese Institute of Certified Public Accountants (JICPA), and inspects CPA's, audit firms and the JICPA to ensure the effectiveness of monitoring. We hope that proper operation and administration by the CPAAOB will enhance audits, ensure fairness and transparency in the market, and improve investors' confidence further.