• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
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    • DOI: 10.18178/JOEBM
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HOME > Archive > 2024 > Volume 12 Number 1 (2024) >
JOEBM 2024 Vol.12(1): 63-67
DOI: 10.18178/joebm.2024.12.1.777

Research on the Determination and Judgment Approach of Civil Liability for Misrepresentation by Accounting Firms

Wang Xinqi
Law School, Jiangxi University of Finance and Economics, Nanchang City, China
Email: wangxinqi9982@163.com

Manuscript received December 26, 2023; revised January 14, 2024; accepted February 1, 2024; published March 6, 2024

Abstract—In recent years, there have been many cases in the capital market in which accounting firms have assumed civil liability for compensation in cases of misrepresentation. However, different adjudication of similar cases and reversal of judgments in the same case have attracted widespread attention. The reason for this is that on the one hand, it failed to fulfill its duty of diligence and issued false reports. Bearing corresponding responsibilities will help to implement its “gatekeeper” responsibilities. On the other hand, due to the inconsistencies in the current relevant legal regulations, it was given There is room for choosing different adjudicative approaches in judicial practice. This article analyzes the main approaches to domestic adjudication and compares domestic and foreign legislation, clarifying the subject and scope of responsibility, subdividing fault forms, carefully grasping “should have known” and “knowingly”, positively affirming the role of standards, and optimizing the implementation plan of “comparable fault and punishment”. On the other hand, recommendations and analysis are carried out based on the Securities Law and relevant judicial interpretations to balance the promotion of market development and the protection of investors’ interests.

Keywords—accounting firm, civil liability, joint and several liability, gatekeeper, misrepresentation

Cite: Wang Xinqi, "Research on the Determination and Judgment Approach of Civil Liability for Misrepresentation by Accounting Firms," Journal of Economics, Business and Management, vol. 12, no. 1, pp. 63-67, 2024.

Copyright © 2024 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

 

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