Certified Public Accountants and Auditing Oversight Board
|Implementation of the revised CPA Act relating to foreign audit firms|
|The revised Certified Public Accountants (CPA) Act which was enacted in June
2007 and came into effect today requires that all foreign audit firms notify the
Financial Services Agency of Japan (JFSA) if they produce audit attestations for
foreign issuers whose securities are publicly traded on the Japanese market
(i.e. entities that are required to submit their financial reports to the JFSA).
The Act also empowers the JFSA and the CPAAOB to order audit firms to submit any
relevant reporting documents and/or to conduct on-site inspections of firms,
when deemed necessary and appropriate in light of public interest and investor
protection in Japan.
The CPAAOB intends to deliberate and then publicize its inspection policy relating to foreign audit firms within an appropriate timeframe, taking into account the subsequent developments of notification from the subject firms as well as those of international cooperation among audit oversight authorities.
|Certified Public Accountants and Auditing Oversight Board