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HR 3599 108th Congress House

Auditor Independence and Tax Shelters Act

Official title: To prevent corporate auditors from providing tax shelter services to their audit clients.

Introduced: February 10, 2004 See on congress.gov
Finance and Financial Sector AccountingAuditingBusiness ethicsCommerce
More subjectsShow fewer subjects
Conflict of interestsCorporate accountabilityCorporate governanceCorporation directorsExecutivesFinancial planningFinancial servicesIncome taxInvestment advisersSecurities fraudSecurities regulationStocksTax evasionTax sheltersTaxation
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) 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 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
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 Latest action December 2, 2003

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

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 4
D
DeGette, Diana
Colorado · Mar 16, 2004
 D
McCollum, Betty
Minnesota · Mar 10, 2004
 D
Davis, Danny K.
Illinois · Feb 26, 2004
 D
Baldwin, Tammy
Wisconsin · Feb 10, 2004
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3599: Auditor Independence and Tax Shelters Act. 108th Congress. Open America. https://openamerica.io/bill/108-HR-3599/
MLA
"H.R. 3599: Auditor Independence and Tax Shelters Act." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-HR-3599/.
Bluebook (legal)
H.R. 3599, 108th Cong. (2026), https://openamerica.io/bill/108-HR-3599/.
Markdown link
[H.R. 3599: Auditor Independence and Tax Shelters Act](https://openamerica.io/bill/108-HR-3599/)
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