Group 1 - The Ministry of Finance's Accounting Department announced the voluntary deregistration of securities service business by Beijing Yatai International Accounting Firm and Zhongtianyun Accounting Firm, reflecting the challenges and strategic adjustments in the auditing industry under strong regulatory conditions [1] - Zhongtianyun had actively expanded its business in the capital market, conducting audits for 8 listed companies in the 2024 annual report audit, indicating a significant shift in the firm's strategy [1] - The auditing industry has faced immense pressure due to hundreds of penalties imposed by regulatory bodies on various accounting firms, highlighting the risks associated with audit failures and the potential civil liabilities from investor lawsuits [1] Group 2 - The implementation of the revised Accounting Law on July 1, 2024, significantly increases the accountability and penalties for accounting violations, creating a more challenging environment for accounting firms [2] - The risk-reward balance for accounting firms engaged in securities services has become severely skewed, with increased operational costs and heightened risks of violations leading to uncertain potential losses [2] - The shift in attitude from "competing for business" to "voluntarily exiting" the securities service sector reflects the changing dynamics within the industry, necessitating firms to enhance their auditing skills and independence to navigate the complex auditing landscape [2]