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Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices by Anthony Tarantino

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CHAPTER 59

THE GUIDE TO GLOBAL COMPLIANCE: THE NATIONAL CHAPTER—JAPAN

Kouji Yamamoto

59.1 INTRODUCTION

59.2 CURRENT STATE REGULATORY COMPLIANCE OVERVIEW

(a) Political and Cultural Environment

(b) Legal Environment

(i) New Corporate Law

(ii) Fraudulent Financial Reporting

(iii) Financial Instruments and Exchange Law

(c) Accounting/Finance Environment

(i) Background

(ii) Japan GAAP

(iii) Convergence

(iv) Effect of Corporate Tax Law

(d) Auditing Environment

(i) Problems with the CEO-Appointed Auditors System

(ii) Problems with the CPA Auditing System

(iii) Direction of Reform

(iv) Convergence of Auditing Standards

59.3 COMPLIANCE TRENDS: CHALLENGES AND OPPORTUNITIES

(a) Cultural and Political

(b) Legal

(c) Technology

(d) Process

(e) People

59.4 THE MARKET AND HUMAN BENEFITS OF GETTING THERE SOONER RATHER THAN LATER

(a) The Market Benefits

(b) The Human Benefits

59.5 CASE STUDIES

(a) Lessons Learned

(b) Best Practices

59.6 CONCLUSION

NOTES

59.1 INTRODUCTION

After the meltdown of the so-called bubble economy in 1992, the Japanese government boosted the Japanese economy by easing regulations and reforming the tax system. These changes led companies to change their business styles and try to expand their markets, which resulted in intense competition. Companies were, and still are, forced to compete for their very survival. Because of this stressful business environment, management may naturally tend to view compliance as just another problem. However, even though there are many difficulties ...

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