Sec. 3. Establishment; administrative provisions
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/bill/118/hr/8228/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 101 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7211 ) is amended— by amending subsection
(a)to read as follows: There is established in the Office of the Chief Accountant of the Commission an Office of Public Accounting Oversight, to oversee the audit of companies that are subject to the securities laws, and related matters, in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. ; by amending subsection
(b)to read as follows: The Chief Accountant of the Office of the Chief Accountant of the Commission shall serve as the Director of the Office of Public Accounting Oversight. ; in subsection (c)— in the heading, by striking and inserting the Board ; the Office by striking , subject to action by the Commission under section 107, and once a determination is made by the Commission under subsection
(d)of this section ; in paragraph (3), by striking section 104 and inserting subsection
(e); in paragraph (4), by striking section 105 and inserting subsection
(f); in paragraph (5)— by striking the Board (or the Commission, by rule or order) and inserting the Commission ; and by inserting and after the semicolon; in paragraph (6)— by striking the rules of the Board and inserting the rules of the Commission ; and by striking ; and and inserting a period; and by striking paragraph (7); in subsection (d)— by striking The members of the Board and inserting The Chief Accountant of the Office of the Chief Accountant of the Commission ; by striking 270 days after the date of enactment of this Act and inserting 1 year after the date of the enactment of the ; and Streamlining Public Company Accounting Oversight Act by striking the last sentence; by striking subsections (e), (f), and (g); by inserting after subsection
(d)the following: The Office shall conduct a continuing program of inspections to assess the degree of compliance of each registered public accounting firm and associated persons of that firm with this Act, the rules of the Commission, or professional standards, in connection with its performance of audits, issuance of audit reports, and related matters involving issuers. The Commission shall establish, by rule, fair procedures for the investigation and disciplining of registered public accounting firms and associated persons of such firms. ; by redesignating subsection
(h)as subsection (g); and in the heading of subsection (g), as so redesignated, by striking and inserting the Board . the Office The Director of the Office of Public Accounting Oversight shall, promptly after the creation of the Office, cause to be published in the Federal Register all rules that are transferred to the jurisdiction of the Office pursuant to section 2 upon the termination of the Public Company Accounting Oversight Board.
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Sec. 3
Establishment; administrative provisions
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