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S 2247 107th Congress Senate Finance and Financial Sector Accounting Accounting and auditing Accounting and financial statements Administrative fees Administrative procedure Administrative remedies Administrative responsibility Associations, institutions, etc. Auditing Auditing and auditors Business records Chief executive officers Chief financial officers Civil actions and liability Commerce Conflict of interests Congress Congressional reporting requirements Corporate collapse

Truth in Auditing Act of 2002

Introduced: April 24, 2002 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
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 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
 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.

What's happening now April 24, 2002

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

 Committees of jurisdiction 1