Analysis of Audit Failure of Yu Diamond by Asia Pacific Certified Public Accountants

Since the 18th National Congress of the Communist Party of China, China has always adhered to and deepened its unique financial roadmap to ensure the efficient operation and high-quality development of the financial industry. At the same time, we are also constantly improving our financial supervision and management system. With the establishment of the whole process registration system, the need for the legal construction and the later monitoring and control restrictions of the capital market has become more urgent. Because the capital market is established based on the openness and transparency of information, accounting firms play key roles in this field.—As “gatekeepers” to ensure the accuracy and integrity of financial information, which is of vital significance to maintaining the stable and healthy development of the capital market. This paper takes the audit case of Zhengzhou Huajing diamond by Asia-Pacific Accounting firm as the research object, according to the defects in the audit, and puts forward countermeasures and suggestions for the audit, aiming to provide certain reference value for reducing the audit failure.