Administrative Action Against the Audit Firm and Confirmation of Operational Improvements
First written in FY2024. 1 of 3 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2024: 21 of 62 companies on the "Worse" side.
21 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The Audit & Supervisory Board received reports from the audit firm on its quality control framework, independence and expertise, audit plan and audit implementation, among other matters. Taking these reports and the results of reviews conducted by the finance and internal audit departments into account, it determined that reappointing Grant Thornton Taiyo LLC was appropriate.」
The company reiterates its explanation that, taking into account the audit firm’s quality control, independence, expertise and audit implementation, among other matters, it determined that reappointing Grant Thornton Taiyo LLC was appropriate. - FY2025Updated the decision on reappointing the audit firmAnnual report
「The Audit & Supervisory Board received reports from the audit firm on its quality control framework, independence and expertise, audit plan and audit implementation, among other matters. Taking these reports and the results of reviews conducted by the finance and internal audit departments into account, it determined that reappointing Grant Thornton Taiyo LLC was appropriate.」
The company states that, taking into account the audit firm’s quality control framework, independence, expertise and audit implementation, among other matters, it determined that reappointing Grant Thornton Taiyo LLC was appropriate following the firm’s administrative sanctions disclosed in the prior fiscal year. - FY2024First statedAnnual report
「Taiyo LLC received an administrative action from the Financial Services Agency dated 26 December 2023, as outlined below.」
The company discloses that its audit firm received sanctions from the Financial Services Agency, including a 3-month suspension of business and a business improvement order. After receiving an explanation of the sanctions and the business improvement plan, and confirming that improvements had been initiated and partially completed, the company determined that there was no issue with selecting the firm as its audit firm.