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Four Audit Firms Joint Forum “The Mission Required for Audit Firms Today” Four Audit Firms Joint Forum “The Mission Required for Audit Firms Today” For the Future of a Globalizing and Digitizing Economy and Society Forum Report Four Audit Firms Joint Forum “The Mission Required for Audit Firms Today” For the Future of a Globalizing and Digitizing Economy and Society On Thursday, January 24, 2019, audit firms, KPMG AZSA LLC, Ernst & Young ShinNihon LLC, Deloitte Touche Tohmatsu LLC, PwC Aarata LLC, and Nikkei Inc. jointly organized the Four Audit Firms Joint Forum. The globalization and digitalization of the corporate environments are accelerating. In addition, the “Key Audit Matters” will soon begin and be included in audit reports. The capital markets continue to increase expectations of audit firms, which play a part in the supply chain of financial reporting. We have held a forum cooperating with Nikkei Inc. to share with our stakeholders our mission to develop capital markets and the future of the national economy. In the first session, CEO’s from four audit firms and external experts have discussed on the roles audit firms will play in the future. In the second session, objectives and benefit on Key Audit Matters are discussed. At the conclusion of this forum, four audit firms issued a joint statement. Overview of the Forum | Organizers | KPMG AZSA LLC, Ernst & Young ShinNihon LLC, Deloitte Touche Tohmatsu LLC, PwC Aarata LLC | Co-organizer | Nikkei Inc. | Date | Thursday, January 24, 2019 | Venue | Nikkei Hall, Chiyoda-ku Otemachi, Tokyo ( Capacity: 600 seats ) Program Panel Discussion Part 1 The Roles of Audit Firms for the Development of Capital Markets Panelists Guest panelist Hiroyuki Sakai Mr. Tomoyuki Furusawa Managing Partner, KPMG AZSA LLC Deputy Director-General, Policy and Markets Bureau, Financial Services Agency Koichi Tsuji Chairman & CEO, Ernst & Young ShinNihon LLC Facilitator Taisei Kunii Mr. Akiyoshi Oba CEO, Deloitte Touche Tohmatsu LLC Chairman, Japan Investment Advisers Association Koichiro Kimura Executive Director, Japan Institute of Certified Public Accountants CEO, PwC Aarata LLC Panel Discussion Part 2 The Roles of Audit Firms in Financial Reporting Supply Chain and Implementation of KAM Panelists Facilitator Takuji Kanai Kazuaki Fujita Senior Executive Board Member, KPMG AZSA LLC Senior Writer, Editorial Writer, Nikkei Inc. Takao Kamiya Professional Practice Director, Ernst & Young ShinNihon LLC Yasuyoshi Ichikawa Managing Partner, Deloitte Touche Tohmatsu LLC Hitoshi Kiuchi COO / Assurance Leader, PwC Aarata LLC Four audit firms Joint Statement Introduction We have been undertaking efforts to reform our organizational culture and governance and to continuously improve audit quality, as professionals who are responsible for audit that is increasingly gaining importance in the today’s rapidly changing and complex economic society. We believe that these are endless efforts, and will continue to implement initiatives in a manner to respond to changes in our society, while further engaging in a dialogue with our stakeholders, including investors. Mission of Audit firms and Discussion in the forum Article 1 of the Certified Public Accountants Act (the “Act”) sets forth that the mission of certified public accountants is to contribute to the sound development of the national economy. Part 1 of the four audit firms joint forum (the “Forum”) held today has discussed how we can keep up with the globalization and digitalization in a situation where the business environment surrounding corporations is rapidly moving toward the globalization and digitalization and their significant management challenges are to adapt to such changes, and how we can enhance confidence placed in us through leading initiatives including giving assurance over fair business conducts of corporations as well as securing confidence of investors and creditors, and ultimately contribute to the sound development of the national economy. At Part 2 of the Forum, we acknowledge that it is essential for us to work organically with the many stakeholders that comprise the capital market and financial reporting supply chain to ensure the relia bility and usefulness of corporate disclosures. Four Commitments ① Initiatives to enhance the reliability of financial reporting and audit To address the market’s needs and expectations on financial reporting and audit, we, as a key link in the financial reporting supply chain, will undertake appropriate initiatives to report “Key Audit Matters (KAM)” and to provide our information related to audit, in light of the objective of the Audit Firm Governance Code in Japan. In addition, we will promote organic collaboration through meaningful dialogue with the many stakeholders that comprise the capital market and financial reporting supply chain to enhance the reliability and usefulness of corporate disclosures. ② Active investments in information technology Given the environment in which the digitalization of all information has been generating new values and giving rise to threats at an accelerated pace, we will actively invest in information technology, and work on the development of advanced auditing techniques to ensure higher audit quality. Moreover, we will explore the possibility of any new framework with other audit firms, corporations that are subject to audit, and their business partners, and will seek to increase the effectiveness and efficiency of audit. ③ Various investments in accounting talent with global mindset and talent with sufficient skills required in the digital society We will undertake efforts to enhance the development of accounting talent with global mindset who can demonstrate leadership and maximize benefit of the global networks of member firms to which we belong when performing audit and other engagements for corporations that operate globally. To adapt to the digital society, we will seek to develop and enhance our capabilities at an organization level by means such as recruiting diverse talent, investing in talent and collaborating external insights, so as to perform analyses based on wider and relevant information with sound business understanding in order to make more advanced professional judgement. We will provide our insights we have accumulated widely to the society. ④ Contribution to the sound development of the national economy We will strictly maintain our independence as independent auditors, and pursue our mission defined in Article 1 of the Act through engagements we perform. In addition to our commitment to pursue audit quality, we would like to contribute to the sound development of the national economy by providing advices based on our insights gained from audit in order to propose solutions to current issues corporations have been facing, including corporate governance, internal controls and risk management. Conclusion In order to continuously remain relevant to society, we will relentlessly pursue self-improvement both as professionals and as a part of the social infrastructure to contribute a public interest. We are committed to contribute for promoting active capital market and securing market integrity and transparency, bringing value to society and contributing to the future of the national economy. *The above represents a translation, for convenience only, of the original statement issued in the Japanese language. Panel Discussion Part 1 The Roles of Audit Firms for the Development of Capital Markets The four audit firms, KPMG AZSA, EY Shin-Nihon, Deloitte Touche self-verification of audit quality through periodic inspections by Invest in accounting professionals with an Kimura： I think there is no era than now when trust has been more Tohmatsu, PwC Aarata and Nikkei held a joint forum called “The taking into account global risk information and other factors. international perspective and human resources demanded by society. For example, virtual currencies cannot be Mission Required for Audit Firms Today - For the Future of the Another issue discussed in the report is that through our People handled in the form of traditional financial statement audits. Globalizing and Digitalizing Economy and Society-” in Tokyo. In the Satisfaction Survey, we discovered that employees felt they had to respond the digital society While we have provided confidence in the audit of financial first part of the panel discussion, CEOs from the four audit firms and too large of a workload, and therefore they were not satisfied Sakai： At KPMG AZSA we statements, we must play a role in creating a new trust framework external experts discussed the status of audit firms in the future. with their professional pride. believe that in the near future as well. It must also play a role in building platforms to maintain Our firm is increasing its the career path of the majority data quality. human resource and of our accountants will include Kunii： We would like to strengthen the accountant’s advisory Introduction accelerating the use of robotics experience on an overseas functions which show ways to solving the various challenges of and artificial intelligence (AI) Oba： In discussing the role auditors should play in the development of assignment. I would like for the company by utilizing insight from our audit experiences. One to help address this issue. capital markets, we look at the five major global equity markets 80% of our partners and 60% of our missions is to successfully implement a virtuous cycle in over the past 30 years. The Japanese TOPIX is not as vibrant as it Oba： What do you think from the of our managers to have which internal controls,
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