Property Rights,Social Cost and the Legal Liability of CPA

It is obvious that CPA'legal liability has been the focus of CPA profession.From a new respect,the author uses the theory of property rights and social cost,to explain the suit bang that Chinese CPA's face at present.The author points out that,to decrease the social cost of attestation service is the criteria of legislation about CPA'legal liability.And the new accounting law of China is a successful legislation practice involving CPA's legal liability.At the end of the papers,the author discusses how to make involved subjects constraint each other,in order to promote the development of CPA profession,and to increase credit among different subjects and efficiency of resource allocation,and draws some conclusions.