Civil Liability Studies For Certified Public Accountants

In the capital market based on high-quality information disclosure,accounting firms are not only the "gatekeepers" to ensure the quality of financial information of listed companies,but also shoulder the sacred mission of protecting the interests of small and medium-sized investors.In recent years,the laws and regulations on the civil liability of certified public accountants have become more and more perfect,but from a practical point of view,there are fewer cases of investors suing certified public accountants for civil liability compensation,and there are very few accounting firms that really pay investors.Therefore,in view of the insufficient function and role of certified public accountants in auditing and the current situation that it is difficult to pursue and implement their civil liabilities,it is very important to conduct in-depth examination of the judicial practice of civil liability of certified public accountants,so as to discover the problems existing in this process,so as to effectively pursue the civil liability of certified public accountants,so as to effectively play the positive role of the certified public accountant industry in improving the quality of economic information,guiding the rational allocation of social resources,and protecting the interests of investors.Under the premise of sorting out the development process of the civil legal liability of certified public accountants,taking the legal economics that pays attention to the total social cost analysis as the research perspective,taking the tort liability rule model as the theoretical basis,collecting and organizing the relevant materials of the civil compensation case of the failure of BDO ShuLunPan audited Shanghai DZH,using the interdisciplinary research,qualitative and quantitative comparative analysis and other methods,starting from the total social cost of the tort accident,this paper goes deep into the judicial practice process of the civil liability of the certified public accountant,and analyzes the composition of the total social cost of the audit failure.And conduct factual tests on each part separately;study whether the current laws and regulations on the civil liability of certified public accountants can truly give play to the compensation,punishment,education and prevention functions of the tort liability law.In the process of argumentation and analysis,the following conclusions are mainly drawn:First,the court found that the certified public accountant has tort liability,implying that the current statutory standard of attention is equivalent to the social optimal level;second,the cost invested by the certified public accountant for the audit,the cost of investor rights protection,and the judicial cost of the court will affect the total cost of the society when the audit fails,which in turn will affect the degree of responsibility for the civil liability of the certified public accountant,and the positive role played by the certified public accountant in actually assuming civil liability;third,the progress of legal procedures such as litigation methods,litigation procedures,loss verification,enforcement and implementation of civil compensation,etc.,affects the cost of investors’ rights protection and the judicial costs of the courts to a certain extent,and then affects the total cost of society.Therefore,the role of civil liability of certified public accountants is inseparable from the optimal allocation of legal resources,the pursuit and punishment of the civil liability of the directly responsible person,and the reduction of investors’ losses and the cost of rights protection.There are two main points of innovation in this paper:First,the research content is innovative,and the practical problems of the civil liability of certified public accountants are examined with actual cases,and the interpretation of the insufficient civil liability of certified public accountants in the existing research is added.The second is to innovate the research perspective,supported by the analysis method of law and economics,apply it to the field of civil liability research of certified public accountants,and analyze the specific problems in the judicial practice of civil liability of certified public accountants,which has opened up a new perspective for the study of civil liability of certified public accountants.