Core Viewpoint - The current mechanism for determining audit failure responsibility in China's listed companies faces structural challenges, including diverse standards, discretionary disorder, and insufficient professional support, which undermines the authority and credibility of the accountability mechanism and constrains the high-quality development of the capital market [1] Necessity and Feasibility - There is a need for a unified audit failure responsibility identification mechanism to enhance the precision of accountability, stabilize professional expectations, and improve governance efficiency in the capital market [3] - The existing audit failure responsibility identification mechanism has defects, such as fragmented standards across different departments (e.g., CSRC, Ministry of Finance, judicial authorities) leading to inconsistent conclusions in similar cases [4] - The lack of uniform discretionary standards results in uncertainty, affecting the professional expectations of audit institutions and causing disproportionate accountability for audit failures [4][5] - Establishing an audit failure responsibility identification committee is necessary to provide solid evidence for civil claims by investors, guide audit institutions in fulfilling their responsibilities, and enhance the governance capacity of the capital market [5][6] Proposed Framework for the Committee - The proposed committee should be led by the Ministry of Finance, in collaboration with the CSRC, National Audit Office, Supreme People's Court, and Supreme People's Procuratorate, adopting a "permanent institution + dynamic expert pool" model [7] - The committee's work mechanism should include a clear identification scope for major audit failure cases, standardized procedures, and unified identification standards to ensure consistency in judgments [8] - The committee's opinions should serve as important references for administrative penalties, civil lawsuits, and criminal accountability, with a mechanism for reviewing dissenting opinions [8][9] Collaborative Mechanism - A collaborative mechanism should be established for information sharing, case transfer, and result sharing between the committee and relevant institutions, enhancing the overall regulatory effectiveness [9]