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What's New (Dec, 2009)

JICPA Publishes Report on Quality Control Review

December 21,2009

JICPA published, on November 10, 2009, a summary report of the Quality Control Committee, related to its review for the six months ended September 30, 2009. By the end of this fiscal year to March 31, 2010, 85 firms would have been subjected to quality control review by JICPA. In the first half of this fiscal year, quality control reviews were completed for 30 audit firms and reports were issued for 14 audit firms. In addition, 67 audit firms were subject to the follow-up of the previous year review. Those were completed for 5 audit firms and reports were issued for 4 audit firms. The report is available in Japanese only.

Report of the mission to study the implementation of IFRS in Australia

December 21,2009

JICPA, together with Nippon Keidanren (Japan Business Foundation), the Financial Accounting Standards Foundation (FASF), and the Accounting Standards Board of Japan (ASBJ), visited accounting related organizations in Australia from September 15th to September 18th 2009, as part of the preparations for adoption of IFRS in Japan. The mission issued a report summarizing the information on the impact of IFRS adoption, and the current situation in Australia, based on interviews and discussions with relevant organizations. The report is available in Japanese only.

CPA examination results for 2009

December 21,2009

The Certified Public Accountants and Auditing Oversight Board (CPAAOB) released, on November 26, 2009, the list of applicants who passed the CPA examination in 2009. There were 2,229 candidates who passed all subjects, with the examination pass rate of 10.5%. The number of those who passed the examination decreased by 38.5% from the same period of last year. This is in contrast to the increased pass rate in the prior two years.

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