The Civil Liability Of Certified Public Accountants In Information Disclosure Of Stock Market

This article begins with the analysis of misrepresentation problem, Firstly, introduce the nature, definition and liability of the Certified Public Accountants (CPAs).Secondly, analyze the civil liability of CPAs in information disclosure of stock market. At last find out the problems of the existing system about civil liability of CPAs and put forward some suggestions in details to complete this system. The whole article consists of there parts: preface, main part and ending. The main part is divided into five chapters.Chapter 1 is divided into 3 parts. Firstly introduce the definition of misrepresentation and the standard of materiality .Secondly, analyze the current situation of the existence of misrepresentation. Thirdly, introduce the causation on the CPAs involved in the misrepresentation being accused, at last point out the negative influences on the audit business by"Expectation Discrepancy".Chapter 2 concerns about the function of the CPAs. Analyze the legal status of the CPAs and their expert liability.Chapter 3 focuses on the civil liability of CPAs in current stock market. Firstly, analyze the nature of the civil liability of CPAs, especially the civil liability to the interested third party. Secondly, introduce the principles of the standard of duty on misrepresentation, onus probandi and its components.Chapter 4 points out the problems on the duty standard of the CPAs civil liability on information disclosure in current stock market and analyzes the differences between the accountant definition and the legislative definition about it .At last point out the differences between the accountant liability and audit liability.Chapter 5 gives some suggestion to solve the problems by 4 aspects: the legislative system, supervision mode, appraisal agency, and compensation system.