Corporate Accounting Board Audit division of Financial Services Agency decided on May 30 2012 to consider the reform of the audit standards, after some incidents of corporate fraud these days.
The followings are the opinions raised in the board meeting.
– There is an audit expectation gap between stakeholders and auditors, in which auditor think that finding fraud is not obligatory for auditors and stakeholders would like auditors to discover the illegal act. This gap should be narrowed by applying broader audit procedures.
– Reviews from FSA and JICPA are so strict that auditors require more time spending for preparing the documents instead of sparing more time for actual auditing.
– Psychological pressure from the clients due to the direct contract of the audit.
It is useful for companies to switch auditors voluntarily in order to raise companies’ reliability while they usually think that switching auditors often is not considered to be good for the reliability. Switching auditors and addition of the audit procedure will impose more burden on companies, and how they are going to deal with this is an important point on this matter. Maybe asking investors for a part of the audit remuneration is one of the options.
In our country we also have a certification such as Certified Fraud Examiners, and will its demand increase in the future? How do they solve the audit expectation gap? We would like to see how the discussion will go in the future.
2012年5月16日、JICPAは「年金資産の消失事案を受けての監査及び会計の専門家としての提言」を公表した。
提言の内容は主に以下の4つである。
①年金基金の財務諸表の会計監査の活用
現状では、年金基金の監事の意見が付された決算報告書が厚生労働大臣に提出されているが、会計士等の会計専門家による監査は行われていない。会計士の監査を実施することで開示の信頼を得られるものと考えられる。
②私募ファンドの監査又は監査報告書の確認
年金資産の運用先の私募ファンドの中には、法的形態により会計監査が要請されているファンドもあれば、監査を行っていないファンドも存在する。監査を行っていないファンドに対しては、任意監査という形で会計監査を行うことが望ましい。また、監査が行われていたとしても、年金基金の理事等は運用先の私募ファンドの監査報告書を確認することが望ましい。
③投資一任先の会計監査の実施
上記の私募ファンドに対する監査と同様、投資を一任している投資顧問会社についても監査が行われることが望ましい。また、監査が行われていたとしても、年金基金の理事等は投資顧問会社の監査報告書を確認することが望ましい。
④年金資産の運用に係る検証及び内部統制報告の利用
年金基金の理事等は投資顧問会社がGIPS基準に準拠した表明を行い、それについて会計士等の検証を受けているか確認することが望ましい。
また、投資顧問会社の資産運用業務について、会計士等による内部統制の保証報告書の受領の確認も有効である。
※GIPS基準・・・グローバル投資パフォーマンス基準の略であり、資産運用会社による見込・既存顧客に対する投資パフォーマンス実績の公正な表示と完全な開示を確保するために定められた世界共通の基準。
監査業務を通じて、年金資産の消失事案の再発防止だけでなく、加入者の保護にも役立つことが期待されている。
Japanese Institute of Certified Public Accountants announced “Proposal from professional auditors and accountants about the loss of pension funds” on May 16 2012.
The following are four proposals that they have suggested.
1. Advantage of independent audit of financial statements of the pension funds
Financial reports with opinions of “inspector” of the pension funds are currently submitted to the Ministry of Health, Labour and Welfare. However, it is not the same as the independent audit. Credibility of the financial disclosure will be achieved by the independent audit.
2. Audit or Confirmation of audit report of the private placement funds
Some of the private placement funds are subject to statutory audit, and others not. Those who are not subject to the statutory audit should have the independent audit as a voluntary audit. Even though the independent audit is done, directors of the pension funds should confirm the audit report of the private placement funds.
3. Independent audit of the investment management companies
It is desirable that independent audit should be conducted for the investment management companies. Even though the audit is done, directors of the pension funds should confirm the audit report of the companies.
4. Inspection on the asset management of the pension funds and the report for the internal control
Investment management companies should prepare financial statements in accordance with the GIPS, and it should be inspected by the CPAs. In addition, it is effective that directors of the pension funds confirm the assurance report for the internal control of the management process of the investment management companies, which should be issued by CPAs.
※GIPS： Global Investment Performance Standards
These proposals will be effective and preventive measures for the loss of pension funds and will be expected to protect the participants of the pension funds.
