The Civil Liability Of Certified Public Accountant For Information Disclosure In The Securities Market

The issue and transaction of the securities operate on the basis of information disclosure . The information disclosure is the core of securities law and the base of securities market . Information disclosure can protect investors and promote efficiency of securities market . So there is a system of information disclosure in every country's securities law , which prohibit false disclosure and demand issuer of false information bear lagal liability. Due to the important role of the Certified Public Accountant (hereafter referred to as CPA) in the course of information disclosure, establishing and perfecting a specific liability mode to CPA can reduce confusion in the judicial practice at present ,prevent illegal activities and realise the investor's interests. The article will discuss the CPA's defective behavior of the information discloure , its liability for the investor's losses according to the different behaviors. This paper ,first, introduce the development of CPA and pratical situation of CPA's civil liability, appraising the relevant articles. Second, the civil liability of CPA should regard as tort liability in order to protect investors. Third, the author discuss the relationship between CPA Independent Auditing Standards and CPA's civil liability, furthermore, analyse illegal behavior,subjective fault,damage and causality according to tort law. At last, it expound some related questions: auditing truth's decision, liability pricinples,causality affirm and pefect joint liability. The author will give some advices.This paper ,by means of comparison and case study,takes the experience of the securities law of United States. The author brings forward a new mode of CPA's liability in the field of securities law ,combining with cases of China..