Research On Civil Liability Of Certified Public Accountants To The Third Party In The Securities Market

This paper tries to discuss certified public accountants'liability on civil laws, and takes the liability to the third parties as the center. The aim of this paper is to provide the basis of law to judge the legal responsibilities of CPA.This thesis consists of five parts. Part one summarizes the situation of certified public accountants'liability in our country. The emphasis of this paper is the theoretical basis of certified public accountants'liability to the third parties .In order to understand the accountants'liability the third parties correctly, this part also analyses the history and situation of legal responsibility of CPA in China.Part two discusses the theory basis of the accountants'liability to the client and the third parties. This part compares of the feature and difference of accountants'liability to the third parties e.g. the U.S.A, German. After this retrospection, we can find that we should resolve this question on the basis of our own legal system. It is better for us to choose tort law. In order to understand the accountants'liability the third parties correctly, this part also analyses the history and situation of legal responsibility of CPA in China. Part three: This part chiefly discusses the four elements of the accountants'liability to the third parties, including the unlawful behaviour , damage, fault and consequence. According to the statutory law, the accountants should work under the name of the accountants firm in our country. The accountants firm should be responsible for the accountants'torts. This part concentrates on the accountants'torts which is the third element of the liability.Part four discuss the undertaker and the scope of compensation .The accounting firm and the Certified Public Accountants should undertake the compensational liability. I make some analysis about the scope of the amount of damages and the calculation of compensation.Part five providing four practicable suggestions for the construction of CPA civil law system in our country. It particularly includes: class action; independent audit review system and the liability insurance of Certified Public Accountants.