Research On CPA's Legal Liability Based On The History Of Securities Laws In America

Information disclosure is the basis of the stock market. It is the basic premise for the fairness, justice and openess of the stock market. In order to ensure the equity and efficiency of the stock market, the CPA auditing system is needed, which is used to ensure that the information provided by the listed companies is true and complete, and which also is a mechanism to prevent the financial cheating and fraud in the Stock Market. It is very important to establish a modest boundary of legal liability which can make the Institution of independent auditing operate effectively. So it is significant to study the boundary of legal liability to make sure functions of the Institution of independent auditing. America which is the most powerful economic entity in the world and holds the most developed Stock Markets, has an advanced mature law system on Stock Market. So it is well worth studying the history of securities laws on the CPA's legal liability in America to perfect the Audit Institution of our Country.The thesis is divided into four chapters. The first chapter introduces background of the research, the analytical framework and aspects of the rest of the thesis. The second chapter narrates the history of the securities laws on the CPA's legal liability in America beginning with the Securities Act of 1933 and The Securities Exchange Act of 1934. The third chapter analyses the motivations and behaviors of every participator in the Institution of independent auditing, based on the fundamental theories of the New Insitutional Economics (NIE) and the Game. The last chapter analyses the existing problems of the law system on the CPA's legal liability in our China, and the enlightenment from America.The innovation of the thesis is that using the fundamental theories of the New Institutional Economics (NIE) and the Game Theory to build the analytical framework and aspects analyses the change process of the CPA's legal liability. The author points out that the Institution of independent auditing should adjust timely as the economic environments changes to meet the shift, and suggests that the government provide the statutory arrangent to establish a modest boundary of the CPA's legal liability based on the situations of the CPA group and its technical level, besides the expectations and interests of the public investors.