Japanese audit firms are likely to come under increasing scrutiny in the future after the country’s government backed accounting regulator said on Wednesday that it wants to examine auditing services more closely.
The Certified Public Accountants and Auditing Oversight Board which was created in April this year, intends to implement a new oversight programme by the start of the 2006 fiscal year, and regulators may be told to punish rule-breaking firms.
The body was established in response to criticism of the accounting profession following the government’s nationalizing of two banks last year. The banks had tried to count deferred tax credits as part of their capital and the auditors were criticized for turning a blind eye to the situation.
The new board is made up of accountants, academics and other experts, and will have the power to inspect the records of auditors and request that the Financial Services Agency take administrative action against problem firms. It will also run certification tests for public accountants.
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