{"id":1448,"date":"2026-04-10T14:52:05","date_gmt":"2026-04-10T05:52:05","guid":{"rendered":"https:\/\/www.torf.co.jp\/?p=1448"},"modified":"2026-04-10T14:56:31","modified_gmt":"2026-04-10T05:56:31","slug":"news2604_01","status":"publish","type":"post","link":"https:\/\/www.torf.co.jp\/en\/news2604_01\/","title":{"rendered":"Outline of Audits on Establishment and Implementation of TORF"},"content":{"rendered":"<style type=\"text\/css\">\r\n    .news_table td {\r\n        border-width: 1px;\r\n        border-color: #000;\r\n        border-style: solid;\r\n        border-collapse: unset;\r\n        padding: 1px 3px;\r\n    }\r\n    .news_table tr td:first-child {\r\n        width: inherit;\r\n    }\r\n    @media screen and (max-width: 800px) {\r\n        .news_table .sp {\r\n            font-weight: 400;\r\n        }\r\n    }\r\n    @media screen and (min-width: 800px) {\r\n        .news_table .sp {\r\n            display: none;\r\n        }\r\n    }\r\n\r\n<\/style>\r\n\r\n<div style=\"margin: 0 0 0 auto; text-align: right;\">\r\n    <p>QUICK Benchmarks Inc.<\/p>\r\n<\/div>\r\n<br>\r\nArticle 22 of TORF Operational Rules (&#8220;Rules&#8221;) requires that, on an annual basis, in principle, the QUICK Benchmarks Inc. (QBS) shall be subject to internal and external audits on &#8220;the execution of the TORF calculation and publication operations, establishment and implementation of processes\/procedures and frameworks required under the Rules and the review of the TORF administration framework (including reviewing the definitions and calculation methods)&#8221;.\r\n<br>\r\n<br>\r\nInternal audit by the Internal Audit Office and the assurance engagement[1] for the IOSCO Principles Compliance Framework as an external audit by Deloitte Touche Tohmatsu LLC were recently performed. We hereby report the overview of internal and external audits.\r\n<br>\r\n<br>\r\n1. FY 2025 Internal Audit<br>\r\n(1) Auditors: QBS Internal Audit Office<br>\r\n(2) Effective date: Period between July 1, 2024 to June 30, 2025<br>\r\n(3) Audit subjects: Governance framework, Benchmark design, Establishment of benchmark calculation methodology, Framework for accountability<br>\r\n(4) Audit result: There were no matters that had a significant impact as the Audit result.<br>\r\n<br>\r\n2. FY 2025 External Audit<br>\r\n(1) Practitioner: Deloitte Touche Tohmatsu LLC<br>\r\n(2) Effective date: Period between December 1, 2024 to November 30, 2025<br>\r\n(3) Audit scope: IOSCO Principles Compliance <a href=\"https:\/\/www.torf.co.jp\/en\/document\/extauditrpt\/\" class=\"font_color_blue\" hreflang=\"x-default\" target=\"_blank\" rel=\"noopener\">Report<\/a>[2]<br>\r\n(4) Applicable standard: \u201cInternational Standard on Assurance Engagements 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information\u201d<br>\r\n<br>\r\nQBS will seek to maintain and enhance the transparency, robustness, and reliability of the TORF and will implement measures so that the TORF will continue to be internationally recognized as the benchmark that is compliant with the IOSCO Principles and to be widely used as one of the major JPY interest rate benchmarks.\r\n<br>\r\n<br>\r\n&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-\r\n<br>\r\n[1] The assurance engagements refer to those defined in 12. (a)  of the \u201cInternational Standard on Assurance Engagements 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information\u201d. These assurance engagements have limitations. This assurance engagement was performed for the periods covered above and is not intended to predict the future. Details are covered in \u201cSection 3. Independent Assurance Report\u201d by Deloitte Touche Tohmatsu LLC.<br>\r\n<br>\r\n[2] In \u201cSection 4. QUICK Benchmarks\u2019 Responses to Comply with IOSCO Principles&#8217; describes QBS\u2019 establishment and implementation of an appropriate framework to comply with the IOSCO Principles for the periods covered above. In \u201cSection 2. Management\u2019s Statement\u201d, President &#038; CEO states that Section 4. Is fairly presented.<br>\r\n<br>","protected":false},"excerpt":{"rendered":"QUICK Benchmarks Inc. Article 22 of TORF Operational Rules (&#8220;Rules&#8221;) requires that, on an annual basis, in principle, the QUICK Benchmarks Inc. (QBS) shall be subject to internal and external audits on &#8220;the execution of the TORF calculation and publication operations, establishment and implementation of processes\/procedures and frameworks required under the Rules and the review [&hellip;]","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_locale":"en_US","_original_post":"https:\/\/www.torf.co.jp\/?p=1446","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1448","post","type-post","status-publish","format-standard","hentry","category-uncategorized","en-US"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Outline of Audits on Establishment and Implementation of TORF | \u682a\u5f0f\u4f1a\u793eQUICK\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30b9<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.torf.co.jp\/en\/news2604_01\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Outline of Audits on Establishment and Implementation of TORF | \u682a\u5f0f\u4f1a\u793eQUICK\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30b9\" \/>\n<meta property=\"og:description\" content=\"QUICK Benchmarks Inc. Article 22 of TORF Operational Rules (&#8220;Rules&#8221;) requires that, on an annual basis, in principle, the QUICK Benchmarks Inc. 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