Japan-EU leaders discuss audit ‘mutual reliance’
On 13 June, Yuji Yamamoto, Japan’s minister for financial services, met with Charlie McCreevy, commissioner for the internal market and services of the European commission.
Yamamoto and McCreevy both welcomed the ongoing dialogue and efforts to address the issue of accounting standards that aim to find a satisfactory solution regarding some form of equivalency between Japanese and EU-adopted standards.
They agreed on the necessity of enhancing mutual understanding and cooperation in auditing, including audit oversight systems. A final goal, according to a statement issued by the Japanese government, will be to move towards mutual reliance on each others' regulatory systems. Work will involve looking into many aspects, such as systems on quality assurance supported by adequate auditing standards, investigations and penalties, and public oversight.
Both parties agreed to hold a technical-level meeting before the end of the year to monitor the developments in both accounting and auditing areas.