The Regulation Of The Practing CPA In The Capital Market

As the delegate of assurance in the capital market, the CPA professionplays an important part in assisting the govenment in carrying out the macroeconomic policy, maintaining the capital market carrying in order,protecting the public interest. It is not only the imprtant part of themarket economy, but also the foundation of its existence and development.Now, a series of financial scandals in national and overseas capital marketindicate that the CPA profession lost its integrity and independence,joining in the market-commany misstated financial statement, such as theZhongTianqian Accountant Firm in YinGuangxia Scandal and A&A in EnronScandal.How to regulate the CPA profession and make it advancing theeconomy development really is a real task of national and foreign govenmentin rencenly. After making a international comparison of the CPA professionregaulation in most countries on self-regulation, public -regulation, lawresponsibilities, management of the auditing firms and from other aspects, 3the dissertation believes that the restrained power from eachinterest-related part of the market and the systems formed by the marketitself is the real thing in regulating the CPA profession, and thegovenment-regulation is just an important assistant part, at the end, theessay gives some suggestions on the reform of the CPA regulation. The dissertation has four chapers,Chaperâ… , Theories about the CPAProfession Regulation. The first section: Development of Praticing CPA,mainly analysing the necessity of regulatory. The second section: theConfidence Crisis of the Practicing CPA, mainly analysing the urgency ofregulation. The third section: Analysing the Theories of Regulation,narrating the definition, system, goal and main body of regulation. Chaperâ…¡ , the International Comparison of CPA Regaulatory System, mainlydiscussing the CPA profession regulatory system in the foreigncountries.The first section : Courrent Self-Regulatory System of CPAProfession, mainly narrating the present self-regulatory system and thechallenges it faced, especially of the American self-regulatory. Thesecond section: Pubilc-Regulatory System, mainly discussing the role ofthe government in regulating the CPA profession. The third section,Management of Accountant Firms, analysing which organization structure isthe best to the accountant firms, such as LLPs, LLCs. The fourth section:Law-Regulatory System of CPA Profession, discussing the responsibilitiesof CPA profession in criminal, civil, and administrative law. Law is thefoundation stone of capital market, Chaper â…¢ : the Reforms of theRegulatory System. The first section: mainly discussing the effect ofSarbanes_oxley Act on American CPA profession regulatory system. Thesecond section, the Reforms in Other Countries.discussing the reforms inEngland, Canada, Australia after Enron Scandal.The third part, narrating 4the new trend of CPA regulation. Chaperâ…£: the Current Situation andFuture Reforms of Chinese CPA Regulation, mainly dicussing the problemsof regulation in our country and giving some suggestions to improve thecurrent regulatory system.