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A statutory auditor (監査役, kansayaku) is an official found in Japanese kabushiki gaisha (business corporations). Similar roles are also found in Taiwan and South Korea, which use modified forms of Japanese corporate law, although the English translation most commonly employed for the role in these countries is supervisor or supervisory board.
The Board of Audit (会計検査院, Kaikeikensain) reviews government expenditures and submits an annual report to the Diet.Article 90 of the Constitution of Japan and the Board of Audit Act of 1947 give this body substantial independence from both cabinet and Diet control.
Statutory auditors report to the shareholders, and are empowered to demand financial and operational reports from the directors. K.K.s with capital of over ¥500m, liabilities of over ¥2bn and/or publicly traded securities are required to have three statutory auditors, and must also have an annual audit performed by an outside CPA .
A statutory auditor has a lot of powers that a director doesn't have, to check the legality and fairness of decision making, Stephen Givens, a U.S. corporate lawyer and auditor nominee backed by ...
Professional bodies are also responsible for administering training and examinations for students and members. The primary bodies in each country are affiliated to the International Federation of Accountants while a few do not belong to IFAC as they operate more like specialist bodies helping the work of accountants and auditors such as the ...
Koji Endo of SBI Securities said that Japan’s certification tests are very stringent and much stricter than in other countries. “As for these safety inspection standards, this rule was created ...
The Japanese Institute of Certified Public Accountants (JICPA) is the sole organization for Certified Public Accountants (CPA) in Japan. It was originally formed in 1949 as a self-regulatory association, and reorganized under the Certified Public Accountants Act in 1966. To practice as a CPA, a person must register with the JICPA and join its ...
The auditors will seek evidence to confirm that the management system has been properly designed and implemented, and is in fact in operation (for example by confirming that a security committee or similar management body meets regularly to oversee the ISMS). Certification audits are usually conducted by ISO/IEC 27001 Lead Auditors. Passing ...