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Service introduction 

Statutory audits/voluntary audits

We, at Crowe Toyo & Co., provide high-quality audit services by conducting audits pursuant to audit manuals and tools of Crowe Global, an international accounting firm. In conducting audits, we place the highest priority on maintaining communication with our clients.

This is based on our belief that if each audit team member in addition to engagement partners can maintain positive communication with clients and fully understand clients' operations and business environment, we can mutually understand issues related to accounting audits and solve them quickly.

Therefore, engagement partners frequently visit audit sites to ensure flexible response. In addition, we make efforts to fix audit team members in order to increase understanding in clients' industries and business categories.

In order to differentiate ourselves from other major audit firms, when we select audit team members, we prioritize auditors who have extensive experience and a deep understanding of clients so that we can provide audit and other services efficiently.


Service list

Statutory audits

  • Audits based on the Financial Instruments and Exchange Law/Companies Act
  • Audits based on the IFRS (International Financial Reporting Standards)
  • Incorporated school audits
  • Labor union audits
  • Public interest corporations
  • General corporations, etc.
  • Other statutory audits

Voluntary audits

  • Audits for initial public offering (IPO) preparation
  • Audits on English financial statements
  • Audits on not-for-profit organizations, etc.
  • Audits on financial statements, etc. other than statutory audits
  • Other voluntary audits
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Characteristics of clients

Crowe Toyo & Co. has a large client base of small and mid-sized corporations. Listed companies also select Crowe Toyo & Co. as an alternative to major audit firms. Among not-for-profit organizations, we have a large client base of incorporated schools.


The number of clients by stock exchange (As of September, 2020)

Tokyo Stock Exchange 1st Section 40
Tokyo Stock Exchange 2nd Section 12
Tokyo Stock Exchange Mothers 8
Nagoya Stock Exchange 2nd Section 3
Total 82


The number of clients by audit type (As of September, 2020)

Financial Instruments and Exchange / Company Law 91
Financial Instruments and Exchange Law 7
Corporate Law 73
Incorporated School Law 34
Labor Union Law 21
Not For Profit 29
Other Statutory Audits 14
Other Voluntary Audits 49
Total 318

Audit of financial statements prepared in accordance with IFRS

Unlike Japanese accounting standards that we have been familiar with, IFRS is adopted considering the company's business under the principle-based approach and financial statements are prepared in accordance with IFRS. Conducting audit of financial statements based on IFRS depends on how much we understand about our clients.

For over 40 years since its establishment, Crowe Toyo & Co. has devoted itself to fully understanding clients' business details and environment so as to provide valuable services. We believe that our audit approach encouraging engagement partners to make frequent visits to clients based on their needs will contribute to enhancing our audit of IFRS-based financial statements.
In auditing for companies that have or are planning to adopt IFRS, we actively assign IFRS Advisory Division members as audit staff in order to support audit teams. Consisting of professional experts in each standard, the IFRS Advisory Division provides information to solve issues by sharing opinions with audit teams when there are issues related to IFRS.
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Audits for initial public offering (IPO) preparation

We, at the Crowe Toyo & Co. IPO Support Office, answer a wide range of inquiries from companies looking to undertake an IPO and provide them with support to enable an ideal IPO in cooperation with various IPO stakeholders such as securities markets, managing underwriters, and venture capitals. As an audit firm and a guardian of a fair capital market, we respond to the need to enhance audit quality control in light of the frequent occurrence of accounting fraud in recent years. We do so by providing companies aiming for an IPO with appropriate advice during the pre-IPO audit period to ensure sound capital market operation. In case companies aiming for an IPO implement various management strategies such as M&A and global market expansion, we provide support during the process by leveraging Crowe Global networks and functions. The Crowe Toyo & Co. IPO Support Office believes that the importance of open innovation will increase significantly in line with social changes and thus full-scale industry, government, and academia collaboration will be necessary. Against this backdrop, we will provide services to support frameworks to promote open innovation in various scientific fields in the future.

Financial statements audit reports for the last two fiscal years are required when companies apply to be a listed one. In order to provide an audit opinion, it is necessary to validate the balance sheet at the beginning of the two fiscal years.

Therefore, when companies plan to pursue an IPO, it is generally appropriate to seek support from audit firms about three years before they wish to carry it out. We recommend companies pursuing an IPO to seek advice from audit firms as early as possible.  

Survey on finance for public offering (short review)

An IPO short review is a short term financial investigation conducted for the purpose of identifying issues that may arise during the IPO process. In pursuing an IPO, it is important to develop an organizational structure to ensure organizational management and a framework to ensure timely disclosure. These frameworks are examined by securities firms, and stock exchanges.

At Crowe Toyo & Co., experienced certified public accountants conduct IPO short reviews in order to understand various issues that may arise during the IPO process. Examples of issues include the following:

  1. Establishment of business management system
    Status of the establishment of corporate organizational system/internal check-and-balance system, including the Board of Directors and Audit & Supervisory Board, and various rules
  2. Establishment of profit management system
    Status of the establishment of budget system to develop an annual/mid-term budget (mid-term business plan) and analyze the difference between budget and actual results
  3. Establishment of business management system
    Status of major operations such as sale, purchase, and cost management
  4. Establishment of accounting management system
    Status of investigation of important accounting policies, understanding of issues, implementation of monthly/annual financial reporting required for timely disclosure
  5. Establishment of a framework for related-party transactions
    Development of methods to understand the details of and resolve transactions with related parties that may become a problem during the IPO process