The construction of the independent knowledge system of Chinese auditing is deeply rooted in local practices, while the development of these practices constantly promotes the self-improvement and theoretical innovation of this system. To refine the configuration of civil liability for misrepresentation by accounting firms, China’s judicial practice has established proportionate joint and several liabilities, thereby forming a dual liability system consisting of “joint and several liabilities proportionate joint and several liabilities”. There is no dispute that accounting firms should bear joint and several liabilities for intentional misrepresentation. As for misrepresentation due to gross negligence, it results from reckless conduct leading to audit failure, and the subjective malice is comparable to that of intent; thus, accounting firms should also bear joint and several liabilities. In cases of misrepresentation by accounting firms due to ordinary negligence, the losses caused by misrepresentation arise from the concurrence of two factors: the issuer’s active act (which exerts a direct causal effect) and the accounting firm’s omissive act (which exerts an indirect causal effect). Therefore, the accounting firm and the issuer constitute a concurrent tort rather than a “semi overlapping” separate tort. The accounting firm should bear supplementary liability corresponding to the degree of its fault, instead of proportionate joint and several liabilities. Supplementary liability is also a form of limited liability, which complies with the principle of “liability matching fault”. Consequently, China should establish a dual liability system of “joint and several liabilities supplementary liability” for misrepresentation by accounting firms.