June 12, 2009
Financial Services Agency
Certified Public Accountants and Auditing Oversight Board

Public Consultation on “A Draft Framework for Inspection/Supervision of Foreign Audit Firms, etc.”

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 Financial Services Agency (FSA) and the Certified Public Accountants and Auditing Oversight Board (CPAAOB) have put together the attached “Draft Framework for Inspection/Supervision of Foreign Audit Firms, etc.” and have posted it for public consultation on FSA and CPAAOB 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 FSA/CPAAOB will not respond to any individual respondent in person.