The so-called comprehensive registration system is not that there is no audit, but that the audit mechanism, the maturity of the audited capital market itself, the underlying logic of capital market investment, the rule of law system of the capital market, and the regulatory system of the capital market have undergone fundamental changes.

     As for the changes in the audit system, the comprehensive registration system will give the authority of audit to the exchange closest to the market and closest to the supervision, so that people familiar with the capital market can review the listing of qualified enterprises, which is a major change.

     A major change in the review committee of the comprehensive registration system is that the Listing review Committee of the Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange will no longer employ industry associations, universities, buyer institutions, listed companies, intermediaries and other personnel.

     This major change in the audit committee of the exchange is a big step forward in the comprehensive registration system, and completely solves the drawback of the audit that is both a referee and an athlete.

      On the one hand, the change of the audit concept with information disclosure as the core no longer requires professional experts such as industry associations, universities, buyer institutions, listed companies and intermediaries to assist in supervision and audit; on the other hand, the professional accumulation of auditors in the securities supervision system and the institutionalized punishment mechanism change of the rule of law.

Therefore, this comprehensive registration system reform not only solves the problem of rent-seeking space outside the supervision brought about by industry associations, universities, buyer institutions, listed companies, and intermediary agencies as members, but also fundamentally solves the problem of unfair competition, monopoly, and market fairness caused by intermediary agencies as audit members.

The comprehensive registration system needs the specialized services of intermediaries, and also needs a fair and just securities service market environment. For a long time, intermediaries acting as audit members have caused the pattern of intermediaries acting as both judges and athletes, even if there is an avoidance mechanism, but the system cannot fundamentally solve this problem, but it has caused unfair competition in the securities service market, disrupting the fair, just and market-oriented competition order of the capital market.

Therefore, under the comprehensive registration system, enterprises should practice their basic skills, the market is the first, the business is the first, and the listing is a natural thing.

Only by being professional-oriented can we go further.