012 Continuous release of revised exposure drafts of statements of Auditing Standards Board based on a new draft policy
On April 30, 2010, Japanese Institute of Certified Public
Accountant released 6 revised exposure drafts of Auditing
Standards Board (listed below) based on a new draft policy
of revision of exposure drafts of statements of Auditing
Standards Board (released on Feb. 26, 2010). They ask for
opinions on these revised statements until May 31, 2010.
・Analytical Procedure
・Communication on flaw of internal control
・General purpose of auditing financial statements
・Written Representation
・Communication with Internal Auditors
・Confirmation
Total number of revisions of statements will amount to 37,
and the number has reached 20 out of 37 by this release.
The reason why as many as 37 statements are exposed to
revision is to synchronize with the 37 of new International
Standard on Auditing and International Standard on Quality
Control released by International Auditing and Assurance
Standard Board for Clarity Project, which had been finished
on March 31, 2009.
This movement represents that not only the internationalization
of accounting (introduction of IFRS) but that of auditing
should be required in our country.
This application of the revision will begin from the fiscal
year starting April 1, 2011. Therefore, it is better that
accountants and auditors deal with the corresponding
matters as soon as possible.
