Japan Set to Enact Governance Code For Auditors

iming to boost investor confidence in Japanese corporations following the Toshiba accounting scandal, the government decided Friday to create a governance code for auditing firms as early as this year. The additional governance codes will seek to ensure that corporations are not too cozy with their auditors. Currently, accounting firms voluntarily reshuffle auditing teams every five years or so. The new guidelines will stiffen those requirements, with rotations of entire teams and similar propositions gaining traction.

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