H.R.1564 - Audit Integrity and Job Protection Act113th Congress (2013-2014)
|Sponsor:||Rep. Hurt, Robert [R-VA-5] (Introduced 04/15/2013)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 113-142|
|Latest Action:||07/09/2013 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
|Major Recorded Votes:||07/08/2013 : Passed House|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.1564 — 113th Congress (2013-2014)All Bill Information (Except Text)
Passed House amended (07/08/2013)
Audit Integrity and Job Protection Act - Amends the Sarbanes-Oxley Act of 2002 (SOX) to deny the Public Company Accounting Oversight Board any authority to require that audits conducted for a particular issuer of securities in accordance with SOX standards be conducted by specific registered public accounting firms, or that such audits be conducted for an issuer by different registered public accounting firms on a rotating basis.
Directs the Comptroller General (GAO) to update the November 2003 report, "Study on the Potential Effects of Mandatory Audit Firm Rotation," and review the potential effects (including costs and benefits) of requiring the mandatory rotation of registered public accounting firms.
Requires such update also to study: (1) whether mandatory rotation of registered public accounting firms would mitigate against potential conflicts of interest between registered public accounting firms and issuers; (2) whether such a mandatory rotation would impair audit quality due to the loss of industry or company-specific knowledge gained by a registered public accounting firm through years of experience auditing the issuer; and (3) what effect SOX has had upon registered public accounting firms' independence, and whether additional independence reforms are needed.