Skip to main content
S. 2247 107th Congress Senate

Truth in Auditing Act of 2002

Official title: A bill to provide for the regulation of public accounting firms for purposes of the Federal securities laws, to promote quality and transparency in financial r… Show full official titleShow less

Official title: A bill to provide for the regulation of public accounting firms for purposes of the Federal securities laws, to promote quality and transparency in financial reporting, to improve the quality of independent audits and accounting services through and Independent Public Accounting Oversight Board, and for other purposes.

Introduced: April 24, 2002 Introduced by: Richard J. Durbin Democratic · Illinois See on congress.gov
Finance and Financial Sector AccountingAccounting and auditingAccounting and financial statementsAdministrative fees
More subjectsShow fewer subjects
Administrative procedureAdministrative remediesAdministrative responsibilityAssociations, institutions, etc.AuditingAuditing and auditorsBusiness recordsChief executive officersChief financial officersCivil actions and liabilityCommerceConflict of interestsCongressCongressional reporting requirementsCorporate collapseCorporate governanceCrime and Law EnforcementCriminal investigationDisciplining of employeesEvidence (Law)ExecutivesFeesFinancial statementsFines (Penalties)Foreign Trade and International FinanceForeign corporationsFraudGovernment Operations and PoliticsGovernment paperworkGovernmental investigationsIndependent regulatory commissionsInformation disclosure (Securities law)Information technologyInsurance companiesInvestorsLabor and EmploymentLawLiability (Law)Liability insuranceLicensesManagement consultantsNegligenceProfessional ethicsPromotionsQuality controlRecruiting of employeesScience, Technology, CommunicationsSecurities and Exchange CommissionSecurities fraudSecurities regulationStockholdersSupervision of employeesTax consultantsTaxationWitnesses
Sign in to write a letter Sign in to watch
This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 24, 2002
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 24, 2002
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action April 24, 2002

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service
Truth in Auditing Act of 2002 - Instructs the Securities and Exchange Commission (SEC) to designate an Independent Public Accounting Oversight Board (Board) as a private, self-regulatory entity, subject to SEC oversight, and which shall not be a Federal agency or instrumentality. Limits certified public accountant membership on such Board to two out of the five members.

Identifies Board duties as : (1) the establishment and enforcement of auditor quality control, independence, and auditing standards; and (2) the conduct of a continuing program of inspections to assess compliance with this Act by each registered public accounting firm.

Grants the SEC general oversight and enforcement authority over the Board, including abrogation and amendatory authority over any Board rule or disciplinary action. Mandates prior SEC approval of any Board ruling.

Empowers the SEC to censure the Board, impose sanctions upon it and to rescind its authority, as well as remove Board members.

Mandates registration of public accounting firms with the Board.

Prescribes auditor independence rules. Prescribes guidelines for Board investigations and disciplinary proceedings, including assessment of civil money penalties.

Places foreign public accounting firms within the purview of this Act.

Requires certain corporate officers to certify and sign the periodic financial statements filed under this Act and transmitted to shareholders.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2247: Truth in Auditing Act of 2002. 107th Congress. Open America. https://openamerica.io/bill/107-S-2247/
MLA
"S. 2247: Truth in Auditing Act of 2002." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-2247/.
Bluebook (legal)
S. 2247, 107th Cong. (2026), https://openamerica.io/bill/107-S-2247/.
Markdown link
[S. 2247: Truth in Auditing Act of 2002](https://openamerica.io/bill/107-S-2247/)
Report a problem