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What's New (Aug, 2012)

Message from Shozo Yamazaki, Chairman and President of JICPA

August 16,2012

Message from Shozo Yamazaki, Chairman and President of JICPA, can be obtained at:

http://www.hp.jicpa.or.jp/english/message/index.html

The 33nd JICPA Annual Conference was successful

August 10,2012

On July 19, 2012, the 33nd JICPA Annual Conference was held at the Nikko Hotel in Kumamoto. Mr. Atsushi Kato, Vice Chairman of the Accounting Standards Board of Japan (ASBJ), lead a heated discussion amongst preparers of financial statements and external auditors in the session entitled “Principle-based Approach used in IFRS –Mutual understanding of the preparers and external auditors, and the role of a standard setter.” There were also seven other concurrent sessions provided during both morning and afternoon programs, and Mr. Atsushi Saito, President & CEO of the Tokyo Stock Exchange Group, presented a commemorative speech. The conference was attended by over 900 participants.

JICPA issues a pronouncement in relation to a case when CPAs are requested to perform business valuation or other valuation work

August 10,2012

In light of the recent corporate scandals, JICPA formed the Special Committee on the Improvement of Auditing System to discuss the current practice of auditing and what should be the appropriate corporate governance. The key issues include: (1) consideration of the relationship between corporate governance and external audits; (2) re-examination of the auditor’s procedures in response to detected fraud, errors, and illegal acts; (3) re-examination of practice guidelines on audit, relating to fraud or other illegal acts; (4) consideration of cases when CPAs are requested to perform appraisal or valuation work; and (5) confirmation of the significance and purpose of audits, as well as how audits should be conducted in the Japanese socio-economy and the capital markets, and consideration of ways to promote greater understanding of the role of audits.

As a result of careful consideration of the issue related to the valuation work, JICPA has published the pronouncement No. 3, “Matters for Consideration when CPAs conduct business valuation and other valuation work.”

This document is available only in Japanese.

The 46th JICPA Annual General Assembly

August 10,2012

On July 4, 2012, the 46th JICPA Annual General Assembly was held in the Imperial Hotel, Tokyo. More than 1,100 members and associate members attended the meeting, which was also relayed to other regional chapters of the JICPA nationwide. At the opening, Mr. Tadahiro Matsushita, Minister of State for Financial Services, and Mr. Atsushi Saito, President & CEO of the Tokyo Stock Exchange Group presented congratulatory opening remarks.

Following the report of the results of the 46th fiscal year business plan and budget statements, all assembly agendas were approved. The party held after the assembly was also a success, with total of nearly 500 guests, including Diet members and others from various fields.

JICPA Published an Overview of the Quality Control Review for the Year Ended March 31, 2011 and Overview of the Quality Control Oversight Board

August 10,2012

JICPA published, on July 5, 2012, an overview of the Quality Control Committee's review of quality control for the year ended March 31, 2011. Along with this, JICPA also published an overview of activities and "Recommendations for Activities of the Quality Control Committee for the year ended March 31, 2011" of the Quality Control Oversight Board. The board consists of five highly experienced individuals outside the profession and three CPAs, and monitors the entire process of quality control review, approves the registration of listed company audit firms, and decides measures against registered audit firms.

These documents are available only in Japanese.

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