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with the release of specialized independence standards, the cpa industry has ushered in important policy adjustments.

on september 18, the chinese institute of certified public accountants issued the "chinese certified public accountant independence standards no. 1 - independence requirements for financial statement audit and review engagement (draft for comments)", which extracted the independence requirements from the code of professional ethics to form a special independence standard, and publicly solicited opinions on it.

the china institute of certified public accountants stated that from the perspective of professional quality inspection, the lack of independence of certified public accountants or insufficient independence is one of the main reasons for audit failure. in order to highlight the important position of independence requirements in the professional ethics system, this part of the content is extracted from the professional ethics code to form a special independence standard, which is planned to be issued as a normative document to enhance its authority and force.

liu chunsheng, associate professor at the central university of finance and economics, analyzed to the first financial daily that the formation of a special independence standard will help improve the independence standards of the cpa industry, prompting accounting firms and cpas to pay more attention to audit independence, strengthen internal management and quality control, and improve the quality of audits. at the same time, independence is one of the core principles of cpa audits, and raising independence requirements will also help enhance the industry's reputation and credibility and promote the healthy development of the industry.

specifically, the main contents of the revision of the independence standards also include clarifying the scope of public interest entities and strengthening relevant regulations, and strengthening relevant regulations on fees, non-attestation services, etc.

among them, it is clarified that when performing financial statement audit services for audit clients that are public interest entities, including listed companies, banks, insurance companies, pension funds, etc., accounting firms need to comply with higher independence requirements and should disclose this fact publicly.