On Civil Liability For Certified Public Accountants

CPA is at once outcome and governor of the market-oriented economy. Since the regulations regarding the claim for damages for misrepresentation in security market had been promulgated in 2003, many investors finally obtain an accessible authority to initiate damages claims against listed company's misrepresentation Because the CAP is also responsible for disclosing relative information about securities, he is greatly likely to be a defendant party to the action for damages for misrepresentation, which suggests the CPA could bear civil responsibility for his involvement into security transaction. There are details to the criminal and administrative responsibility. In fact, it is too abstract and impractical in regulations pursuant to CPA's civil responsibility, even exists uncertainty about the nature of CPA's civil responsibility, the principal of blameworthiness, how to bear responsibility and the standard of wrongs. My objective in the present endeavor is to examine the CPA's civil responsibility in disclosure of information of security, compare relating legislations in this field in China and elsewhere, and propose some suggestions to market our regulations perfect.This paper contains six chapters:Chapter one focuses on the legal nature of CPA and the right he could enjoy and obligation he could fulfill to the third party involved. Independence, authority and expertise are significant features of CPA. One who initiates claims against CPA is called "the reasonably predicted third party". The CPA is highly responsible to take care the information's genuineness and investors have the statutory right to Know-How. Our market-oriented economy operates following the rule of law. The appearance of CPA's civil responsibility is necessary and beneficial not only from the points of society, economy, technicality but also the points from risk, law and moral.Chapter two introduces foreign legislations on the nature of CPA's...