Core Viewpoint - The implementation of the "Independence Standards for Certified Public Accountants No. 1" marks a new phase in the institutional regulation of independence in China's CPA industry, emphasizing the necessity for true independence among CPAs and accounting firms [1][2]. Group 1: Importance of Independence - Independence is considered the soul of audit business, with regulatory documents consistently highlighting the importance of CPA independence [1][2]. - The quality of audit institutions directly impacts the quality of listed companies, as low audit quality can lead to fraudulent activities such as false listings [2][3]. Group 2: Issues in Practice - There are significant issues in the practice of CPAs and accounting firms, such as firms preparing financial statements for their audit clients, leading to a conflict of interest [2][3]. - Instances of CPAs providing assistance to audit clients for private fees can compromise the integrity of the audit process, resulting in potential collusion [2][3]. Group 3: Need for Regulation - The new standards are deemed necessary to ensure CPAs maintain independence, professional competence, and ethical conduct [3]. - There is a call for strict penalties for CPAs who violate independence principles, suggesting that severe measures, including revocation of professional qualifications, should be considered for repeat offenders [3].