Opinion paper concerning "Publicized Draft Standards for Evaluation and Inspection of Internal Control regarding Financial Reports"

JBA drafted the above opinion paper in the Planning Committee on August 29 and submitted it to the Secretariat for the Accounting Standards Board of Japan in the Financial Services Agency on August 31.

In the paper, JBA requested, (1) to not make evaluation mandatory with regard to the internal control of affiliated companies, and (2) to permit companies registered with the U.S. Securities and Exchange Commission, which conduct internal control according to the Sarbanes-Oxley Act in the U.S., to substitute the U.S. inspection results for domestic internal control inspections regarding financial reports.