Research On Tort Liability Of Accounting Firm For False Statement Of Security

As the gatekeeper of the securities market,accounting firm plays an important role in improving the quality of economic information and alleviating the information mismatch between investors and financiers in direct financing.According to Article163 of the Securities Law,accounting firms that cause losses to investors due to false statements should bear joint and several liability for compensation,except those that can prove they are not at fault.Without considering the degree of fault of the accounting firm,it is obviously unfair to judge the accounting firm to bear all the joint and several liability.In addition,there are conflicts between other existing legal norms and judicial interpretations on the regulation of tort liability of accounting firms,which leads to different judgments in the same case in judicial practice.Under the complex background of increasing investors’ willingness to pursue lawsuits and continuously compacting the regulatory responsibilities of securities service institutions such as accounting firms,it is necessary to get out of the current situation and clarify and revise the distribution logic of tort liability for false statements of accounting firms,so as to make the assumption of responsibility fit with the fault and promote the healthy long-term development of the capital market.Therefore,starting from the general theory,legislation and judicial practice of accounting firms’ false statements,this paper puts forward three important problems in the current situation of accounting firms’ false statements tort liability.Besides,this paper studies the practice of the tort liability of accounting firms in America and Chinese Taiwan,and puts forward the optimization path of the tort liability of accounting firms for false statements according to the relevant theories of our country: 1.Clarify the proportional joint and several liability system,when the accounting firm deliberately issues false audit reports,it shall bear all joint and several liabilities with the issuer or the listed company,and when it issues false audit reports with general negligence or minor negligence,it shall bear proportional joint and several liabilities with the issuer or the listed company.2.Comprehensive consideration of the application of fault and causative force,the grade of fault is judged by the standard of diligence and responsibility,and the strength of cause is judged by the dual nature of the audit report and the secondary position of responsibility undertaking of the accounting firm 3.Unify the rules for determining the amount of compensation,the damage compensation is based on the investors’ losses,the influence of the audit report on investors’ decisions and other related factors are considered comprehensively in the calculation of the compensation amount,and the maximum compensation limit of the accounting firm is determined.