Research Of Accounting Firms Tort Liability System In Securities Misrepresentation

Cases that make accounting firms bearing huge compensation for securities misrepresentation happened recently has brought the problem of tort liability for securities misrepresentation of accounting firms back to the public view.Article 163 of the “securities law” and related judicial interpretation plays as the core basis to hold accounting firms misrepresentation behavior by law for now.But on the background of the increasing will of investor to make civil prosecution,the attempting to regulate accounting firm more strict on the policy level,and the obviously heavy liability burden of accounting firm,such legislation are not only difficult to adopt to the reality,but also imply some contradiction in several provision.The resulting problem is judgments that let the accounting firm to bear tort liability in securities false statements are pretty vary,and the idea of “same judgments in the same cases” is exist in name only.It not only hinder the target of protect the interest of investor,but also against the healthy progression of accounting firm industry,couldn’t effectively keep transaction order intact in order to make the capital market steady and prosper.To solve this problem,we should start from the currently design of securities misrepresentation tort liability system of accounting firms,focus on dealing with the problem of mismatch between the compensation liability of accounting firms and their obligations and roles,bring about the all-win of every side’s interest.The thesis start from the position,legislative,and judicial practice of the accounting firm in securities misrepresentation,point out that the securities misrepresentation tort liability system of accounting firms currently used in China has three urgent problem: the forms of liability,the standard of fault,and the amount of compensation.Facing the problem at the level of both legislation and judiciary,the thesis trying to improve related law system from the following aspect: firstly,confirms partly joint responsibility as the sole form of liability when the accounting firms was held negligence;secondly,redefine the conception of “knowingly”,using auditing standard and rules,combined with other standard to determine the negligence of accounting firm,and separate general negligence and gross negligence on the legislative level;thirdly,determine the specific compensation amount of accounting firms under partial joint and several liabilities through the basis,the calculation method and the limitation of compensation amount.