Japan
Financial Instrument and Exchange Law (J-SOX)
Overview
Japan is no exception to the global trend of re-invigorating corporate governance. Recent corporate frauds have accelerated the movement towards corporate control enhancements. J-SOX was enacted as law when the Financial Instrument and Exchange Law was passed by Japan's Congress on 7 June 2006. The Business Accounting Council of the Japanese Financial Services Agency, a Japan regulatory body equivalent to the SEC has released the final report on the Standards the Implementation Guidance for Management Assessment and Audit of Internal Control over Financial Reporting ("ICFR").
Under J-SOX, management will need to assess the design and operating effectiveness of ICFR and report the results in its filings. The independent auditor will provide an attestation of the effectiveness of management's assessment.
How we can help
Deloitte has deployed J-SOX professionals in major countries/regions to enhance our support function for your company in an effort to comply with J-SOX requirements. We provide substantial bilingual services that cover many phases of your company’s J-SOX project as stated in the following areas. However, depend on your specific case, certain services cannot be provided due to regulatory and/or other reasons, in which case we will explain to you in details separately.
J-SOX service lineup:
- project initiation and planning
- documentation of internal control
- assessment of internal control
- internal control audit.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/cn/en/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
