A Case Study on the Failure of Great Wisdom Audit

Abstract

With the development of Internet technology, many new industries have sprung up, followed by the continuous innovation of business models and the increasing of settlement methods, but certified public accountants will face more and more audit risks. Certified public accountants are playing an increasingly important role in solving information asymmetry and maintaining the operation of the economic market. In this paper, it is believed that auditing can be prevented from the following aspects: Accounting firms should strengthen quality control and internal governance, and improve the independence of auditors; Certified public accountants themselves should keep their professional doubts, improve their professional competence, and carefully assess audit risks; At the same time, it is necessary to improve relevant laws and regulations, and increase the punishment and supervision of CSRC.