Iwata, Iwao

1905-1955 A Japanese accounting and auditing theorist. Known for his reformist agenda, Iwata (along with *Kiyoshi Kurosawa) was a major figure in Japan’s establishment of U.S.-style corporate external auditing requirements following World War II. He played an important role in the establishment of the Japanese *Certified Public Accountant profession, which played a vital part in Japanese economic life in the period of post-war reconstruction when the country was setting down the roots of its economic "miracle." In his academic writings, Iwata drew attention to the importance of (indeed, the indispensability of) external auditing in encouraging reliable corporate *financial statements. Illness and his early death, in the view of some commentators, left some of his theories only partially elaborated. Further reading: Morita (1994)