The new securities law will be formally implemented on March 1. In view of the major changes such as the full implementation of the securities issuance registration system, the double filing system for accounting firms engaged in securities services, the increased supervision and punishment afterwards, and the increased civil liability risk of accounting firms, the AICPA has formulated a new work plan for the implementation of the Securities Law and adopted a series of measures to improve the audit quality of accounting firms.

The deterrent effect of the new securities law on accounting firms mainly lies in punishment. On the one hand, the punishment for post-event supervision in accounting firms and other institutions has been intensified; On the other hand, it implements a class action system and joint and several liability for compensation. For the industry, the implementation of the new Securities Law will, on the one hand, lower the threshold for securities and futures qualified accounting firms; On the other hand, it will accelerate the survival of the fittest.

As the new Securities Law has increased the penalties for illegal accounting firms, the risks of signing up certified public accountants and securities certified accounting firms will greatly increase. In this case, higher requirements are put forward for the practice level of accounting firms. In addition, under the high risk, the securities business expenses of securities qualified accounting firms will increase greatly. Under the guidance of high risk and high level, securities qualified accounting firms will form the survival of the fittest and concentrate their business on high-quality accounting firms.

"The newly revised Securities Law highlights the regulatory responsibility of intermediaries, gives them rights and responsibilities in law, and punishes illegal acts according to law." Accounting firms should return to their posts, set up truly independent third-party institutions, and earnestly perform their duties as "gatekeepers".