Certified Public Accountant Day — July 6th

What Is Certified Public Accountant Day?

July 6th is "Certified Public Accountant Day," established in 1991 by the Japanese Institute of Certified Public Accountants (JICPA) to commemorate the promulgation of the "Certified Public Accountants Act" on July 6, 1948 (Showa 23).

The Historical Background of the CPA System

After World War II, Japan established its CPA system based on the American model, in order to ensure transparency in business activities and the reliability of financial information.

• Date of promulgation: July 6, 1948 (Showa 23)
• Law name: Certified Public Accountants Act
• Established by: The Japanese Institute of Certified Public Accountants (1991)
• Purpose: To audit company financial statements and ensure their reliability

Fun Facts About Certified Public Accountants

• Main duties: The core role is "auditing" — checking whether a company's financial statements have been properly prepared.
• Difficulty of the qualification: The CPA exam is known as one of the most difficult national qualifications in Japan, on par with those for tax accountants and lawyers.
• The abbreviation: In English, the qualification is called Certified Public Accountant, or "CPA" for short.
• An exclusive role: Auditing financial statements is a task that only CPAs (and audit firms) are allowed to perform.
• "Watchdogs of the capital market": Because they safeguard the reliability of financial results so investors can trade with confidence, CPAs are sometimes called this.
• Also tax accountants: CPAs can register as certified tax accountants, which allows them to handle tax work as well.
• The institute: The JICPA traces its start to 1949, the year after the CPA Act was passed.
• Where CPAs work: Beyond auditing firms, CPAs are active in corporate accounting and finance departments and in the consulting industry.

Something to Think About on This Day

July 6th is a chance to learn how companies' financial information is checked and how that supports trust in society. The next time you see earnings reports in the news, try looking at them from a slightly different angle.