H.R.3599 - Auditor Independence and Tax Shelters Act108th Congress (2003-2004)
|Sponsor:||Rep. Emanuel, Rahm [D-IL-5] (Introduced 11/21/2003)|
|Committees:||House - Financial Services|
|Latest Action:||12/02/2003 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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- Finance and Financial Sector
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Summary: H.R.3599 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in House (11/21/2003)
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.