On The Improvement Of The Legal System Of Certified Public Accountants In China

Since the implementation of the Law of the Certified Public Accountants of the People’s Republic of China(hereinafter referred to as the "Certified Public Accountant Law")on January 1,1994,it has promoted the development of certified public accountants(hereinafter referred to as "CPA"),strengthened the management of CPA,maintained social publicity benefits and the legitimate rights and interests of investors have played a huge role.With the rapid development of China’s economy and society,the CPA industry has experienced many changes and many new problems have emerged,and many new requirements have been put forward for the CPA profession.Some provisions of the CPA legal system have been seriously lagging behind.Although the CPA Law was amended in August 2014,the revision is mainly limited to the administrative examination and approval of the industry,and the three long-standing issues of legal systems of CPA have not been revised and it is difficult to meet the requirements of the CPA profession、economic and social development.These three issues are: First,the problem of the single form of accounting firms in China(hereinafter referred to as "the firm"),the limited liability system has long dominated,and the special general partnership(hereinafter referred to as "special general cooperation")has too few systems.There is no individual sole proprietorship;the second is the long-term supervision of the CPA profession,the lack of functions of the association;the third is the lag of the CPA industry legal liability,the subject of narrow subjects,the subject of legal liability is limited to the firm and the CPA,The legal liability is not uniform.In order to promote the CPA industry in China to continue to become bigger and stronger,we can proposes to adopt a partnership-based firm as the mainstream,allowing the establishment of individual sole proprietorship firms;improving the industry regulatory legal system,clarifying the supervisory responsibilities and strengthening the establishment of coordination mechanisms;Clearly clarify the responsibilities of the industry’s supervisory bodies,clarify the legal provisions,and improve the civil liability system to solve the three outstanding problems in the above-mentioned injecting industry to promote the sustainable development of China’s CPA industry.