2-2 Audit Corporations and CPAsAs of March 31, 2002, there were 13,721 CPAs, 4,301 junior CPAs and 147 AuditCorporations in Japan. An Audit Corporation is a corporation that consists of onlyCPAs who are all unlimited liability contributors and are also expected to participate inmanagement (Article 34-4). These CPAs are not legally regarded as partners sinceJapanese law does not provide for this form of partnership common in the United Statesand Europe for professional services (but “partner” is used hereafter for the readers ofthis paper). An Audit Corporation is a legal entity performing an audit. The AuditCorporation system was introduced by the CPA Law amendment of 1966 in order to takeadvantage of a larger business base that would justify the establishment of largeprofessional firms to have organized audit services and acceptable competence of CPAsthat can be comparable to world best practices. It was hoped that Audit Corporationswould assist CPAs in better maintaining their independence and integrity asprofessionals and increase the public trust in the profession.
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