Finding an auditor in Japan can be challenging. In an August 31, 2001, BusinessWeek article, "Bean-Counting American-Style," Chester Dawson states that demand for U.S.-trained CPAs has really taken off as more Japanese companies go global and more foreign firms enter Japan. A significant revision in reporting requirements over the past few years has increased demand for qualified accountants. Jeffrey Alfano, an audit senior manager at Deloitte Touche Tohmatsu in Tokyo, says "Japanese accounting standards are shifting to U.S. accounting standards."

Instructions

a. Identify two other students to form a group (or your instructor will identify these students). With your group members prepare a one-page typed paper identifying some political, legal, economic, cultural, and/or technological/infrastructure issues that you think are affecting Japan's accounting profession.

b. Discuss among your group members what you think the quotation from Jeffrey Alfano means. In particular, include in your group paper one paragraph giving the group consensus about whether you think Japanese standards are shifting to U.S. standards and whether you believe it will be good for Japan's capital markets and its investors. Provide supporting evidence.