Research On The Legal Responsibility Of CPA

In recent years,China's economy has developed rapidly and the size of the capital market has continued to expand.However,the rapid expansion of the capital market does not represent the improvement of the capital market mechanism.There have many cases in which accounting firms and CPA have been punished by the CSRC for issuing false audit reports on the securities market,which has made the image of CPA "economic police" greatly discounted in people's minds.There has divergence between the regulatory authorities and the CPA profession on the identification of important issues such as diligence standards.How to solve the divergence and improve the phenomenon of false disclosures in the securities market is an urgent task for the practical departments and academic circles,and it is also the problem to be solved in this paper.First of all,this paper has a comprehensive understanding of the securities auditing services provided by CPA,the standards of diligence and responsibility of certified public accountants,and the mode of CPA supervision through literature analysis and normative analysis.Secondly,this paper systematically combs the supervision mode of CPA through literature analysis and comparative analysis.The United Kingdom and the United States have established independent control models with the FinancialReporting Council(FRC)and the Public Company Accounting Oversight Board(PCAOB)as the core,replacing the industry autonomy tradition.However,China currently adopts a dual(two ministries)regulatory framework,but it does not“harvest” double control effects.Then,using the empirical analysis method,through the inspection of the administrative punishment notice made by the CSRC on the provision of audit services for the certified public accountants in the securities market from 2001 to 2018,it was found that there were 58 accountants between 2001 and2018 respectively.The firm and 152 certified public accountants were subject to administrative penalties by the Securities and Futures Commission.The SFC's penalties for CPA are light,only maintained at the mid-line level,and less severe penalties are used.In addition,the CSRC has increasingly focused on the compliance of audit procedures,especially the letter-keeping procedures.This can provide some reference for CPA in the process of practicing.On this basis,this paper further analyzes the CSRC's criteria for the recognition of CPA's “diligence ”.For the certification standards of the CSRC,the CPA has raised corresponding objections.This paper analyse the disagreement and put out some suggestions.Finally,based on the previous analysis,in order to cope with the“disagreement” between the regulatory authorities and the CPA,and to improve the phenomenon of false disclosures in the securities market,we can puts forward some following suggestions from the perspectives of legal liability system,industry supervision,and self-regulation.