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HR 3599 108th Congress House Finance and Financial Sector Accounting Auditing Business ethics Commerce Conflict of interests Corporate accountability Corporate governance Corporation directors Executives Financial planning Financial services Income tax Investment advisers Securities fraud Securities regulation Stocks Tax evasion Tax shelters Taxation

Auditor Independence and Tax Shelters Act

Introduced: November 21, 2003 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 2, 2003
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Nov 23, 2003
Sponsor introductory remarks on measure. (CR E2440-2441)
Nov 21, 2003
Referred to the House Committee on Financial Services.
Nov 21, 2003
Introduced in House
 Plain-English summary Congressional Research Service

Auditor Independence and Tax Shelters Act - Amends the Securities Exchange Act of 1934 governing audit requirements to prohibit a registered public accounting firm (or associated person) from providing services to an issuer of securities, or an officer or director of an issuer, to design, organize, promote, assist, or execute any investment, entity, plan, arrangement, or transaction for which a significant purpose is the avoidance or evasion of Federal income tax (tax shelter), and for which the firm may receive fees exceeding $100,000 in the aggregate.

Requires the audit committee of an issuer, before pre-approving a non-audit service not otherwise prohibited, to determine whether a reasonable likelihood exists that such service would impair the accounting firm's independence. Prohibits the audit committee from providing advance approval of such a service if a reasonable likelihood of impairment does exist.

What's happening now December 2, 2003

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 4