Core Viewpoint - The recent revision of the "Administrative Measures for the Record-Filing of Accounting Firms Engaging in Securities Services" aims to systematically reshape the practice ecology of accounting firms, enhancing regulatory oversight and quality control in the securities services sector [1][4]. Summary by Relevant Sections Revision Highlights - The revised measures include three main aspects: improving record-filing requirements with a focus on practice quality, enhancing management processes for comprehensive oversight, and better coordination with the "Certified Public Accountant Law" [1][2]. New Requirements - The revised measures stipulate that accounting firms must meet six requirements, including "integrated internal management standards," and must submit detailed documentation regarding their internal management systems during initial record-filing [2][3]. Regulatory Framework - The revised measures establish a full-cycle regulatory chain of "record-filing—verification—tracking—exit," allowing for dynamic management and continuous compliance monitoring of accounting firms [3][4]. - Regulatory authorities can impose a six-month rectification period for firms that fail to meet standards, with potential cancellation of their securities service business record if they do not comply [3]. Industry Impact - The revision signifies a shift from mere compliance to substantive capability regulation, compelling accounting firms to enhance their governance mechanisms to adapt to the evolving regulatory landscape [4]. - The measures aim to create a healthier and more transparent practice environment for accounting firms, ultimately fostering a market that favors quality institutions over subpar ones [4].