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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. Public K.K ...
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 ...
Pages in category "Japanese business terms" The following 50 pages are in this category, out of 50 total. ... Statutory auditor; T. Tokumei kumiai; The Toyota Way; Y.
These titles are often combined with lower titles, e.g. senmu torishimariyaku or jōmu torishimariyaku for Japanese executives who are also board members. [12] [13] Most Japanese companies also have statutory auditors, who operate alongside the board of directors in supervisory roles.
Jacques Potdevin has been leading JPA since 1975, succeeding his father Roger, who was also a chartered accountant and statutory auditor and founded the firm in 1947 in Paris. In 1987, Jacques Potdevin established the international network of the same name.
Following the Enron scandal some countries removed or limited auditors' rights to self-regulation and set up independent, not-for-profit organisations to regulate the conduct of auditors. (In the EU it is compulsory to have a dedicated supervisory authority, cf. 8th European Directive ).