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Audit Integrity and Job Protection Act

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Audit Integrity and Job Protection Act
Great Seal of the United States
Long titleTo amend the Sarbanes-Oxley Act of 2002 to prohibit the Public Company Accounting Oversight Board from requiring public companies to use specific auditors or require the use of different auditors on a rotating basis.
[H.R. 1564 Legislative history]

Audit Integrity and Job Protection Act (H.R. 1564) or ACRONYM, is/was a bill/law introduced/passed to the 113th United States Congress

Background

Provisions/Elements of the bill

This summary is based largely on the summary provided by the Congressional Research Service, a public domain source.[1]

The Audit Integrity and Job Protection Act would amend 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 auditors, or that such audits be conducted for an issuer by different auditors on a rotating basis.[1]

Congressional Budget Office report

This summary is based largely on the summary provided by the Congressional Budget Office, a public domain source.[2]

H.R. 1564 would prohibit the Public Company Accounting Oversight Board (PCAOB) from requiring public companies to use a specific auditor or to use different auditors on a rotating basis. The bill also would require the Government Accountability Office (GAO) to update a report completed in 2003 that reviewed the potential effects of mandatory rotation for auditing firms.[2]

Based on information from the PCAOB, the Congressional Budget Office (CBO) estimates that enacting H.R. 1564 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. The PCAOB has no immediate plans to issue a ruling specifying how public companies should choose a financial auditor; therefore, the prohibition in H.R. 1564 would not change its workload. Based on information about similar reporting efforts, CBO estimates that implementing H.R. 1564 would have a discretionary cost of about $1 million for the GAO to complete the required study and report.[2]

H.R. 1564 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments.[2]

Procedural history

House

The Audit Integrity and Job Protection Act was introduced into the House on March 15, 2013 by Rep. Robert Hurt (R-VA).[3] It was referred to the United States House Committee on Financial Services and the United States House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.[3] On July 8, 2013, the House voted 321-62 to pass H.R. 1564 in Roll Call Vote 306.[3]

Senate

The Audit Integrity and Job Protection Act was received in the United States Senate on July 9, 2013 and referred to the United States Senate Committee on Banking, Housing, and Urban Affairs.[3]

Debate and discussion

Media coverage. Organizations and people for or against.

See also

Notes/References

  1. ^ a b "H.R. 1564 - Summary". United States Congress. Retrieved 11 July 2013.
  2. ^ a b c d "CBO - H.R. 1564". Congressional Budget Office. Retrieved 11 July 2013.
  3. ^ a b c d "H.R. 1564 - All Congressional Actions". Library of Congress. Retrieved 11 July 2013.
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