Accountants' Civil Liability for Misrepresentation in Initial Public Offerings

Abstract

This article is focused on civil liability of accountants for misrepresentation in the course of securities issuance. It is widely accepted that accountants play a pivotal role in verifying and preparing registration statements. In order to effectively enforce the information disclosure regime and thus protect investors, it is necessary to introduce civil liability for misbehaving accountants. Some important issues about the elements of accountant civil liability are discussed in detail, with a view to filling the relevant gaps currently existing in China's securities legal framework.

[This paper is written in Chinese and published in China]

Keywords: Securities issuance, Misrepresentation, Accountants, Civil liability

JEL Classification: K22, K33