080 A revised guidance of the 83rd report by the Assurance Practice Committee Report “Interpretation Guidance on Quarterly Reports”
The revision of the guidance of this title was issued on July 8 2011 by JICPA. This is going to be effective on the (consolidated) quarterly reviews for the fiscal year beginning on or after April 1 2011.
①Treatment of the procedure of the quarterly reviews on comparative information
If quarterly information in the past has to be restated, they have to consider whether the information is properly presented and classified.
②Disclosure of quarterly audit reports
As the preparation of the first and third quarterly statements of cash flows has become voluntary (not mandated), the scope of the quarterly reviews will change.
And the quarterly audit reports made by auditors will become more clarified and understandable in the way that they made the classification clearer by putting titles on each of the following, whose contents, by the way, have not altered since before the revision; (1)scope of the quarterly reviews, (2)executives’ responsibilities, (3)auditors’ responsibilities, (4)auditors’ opinion.
