Tuesday May 27 2014

News Source: Global Exchanges

Focus: Other

Type: General




The Financial Services Agency (FSA) of Japan and the Certified Public Accountants and Auditing Oversight Board (CPAAOB) exchanged letter of cooperation in the area of audit oversight with the Financial Reporting Council (FRC) of the United Kingdom on 23 May, 2014.

The exchange of letter is intended to strengthen and facilitate cooperation between both authorities in order to protect investors and to help promote public trust in the audit process in the capital markets of both countries.

Each authority is able to share information upon request, related to auditors that fall within the regulatory jurisdiction of both authorities.

The contents of the letter include the following;

  • That the authorities may exchange information related to audit oversight such as outcome of inspections and investigations
  • The authorities will use their best endeavors to notify each other, prior to or immediately after taking any significant oversight measures, in respect of relevant auditors that are registered/notified or seek registration/notification in the other’s jurisdiction; and
  • Other descriptions such as confidentiality of information exchanged.

Click on the above link for further details.