3.0.0 1767 2023-01-15T08:03:18Z 2023-01-15T08:03:18Z Senate S S 2003-10-21 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-10-21T21:30:27Z 2003-10-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12978) IntroReferral 2003-10-21 Sponsor introductory remarks on measure. (CR S12976-12978) IntroReferral B00100 9 Library of Congress 2003-10-21 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N M000303 Sen. McCain, John [R-AZ] JOHN MCCAIN R AZ SIDNEY 2003-10-21 True B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN 2003-10-21 True Finance and Financial Sector Accounting Auditing Business ethics Commerce Conflict of interests Corporate accountability Corporate governance Corporation directors Executives Financial planning Financial services Income tax Investment advisers Securities fraud Securities regulation Stocks Tax evasion Tax shelters Taxation Finance and Financial Sector 00 2003-10-21 Introduced in Senate 2003-10-27T21:16:22Z Auditor Independence and Tax Shelters Act - Amends the Securities Exchange Act of 1934 to prohibit a registered public accounting firm from providing tax shelter services to their audit clients.

Defines tax shelter services as services provided by a registered public accounting firm (or by an associated person of that firm) to an issuer, 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 by such issuer, or an officer or director of such issuer, whether acting as a direct or indirect participant, and for which such firm may receive fees in excess of $100,000 in the aggregate.

Requires an audit committee, as a prerequisite to its approval of a non-audit service, to determine whether a reasonable likelihood exists that the service would impair the independence of the registered public accounting firm by resulting in the firm's: (1) auditing its own work for the issuer; (2) performing a management function for the issuer; (3) advocating in a public forum for the issuer; or (4) promoting the stock or other financial interest of the issuer.

Prohibits the audit committee from providing advance approval of such service if it determines that such a reasonable likelihood exists.

]]> Auditor Independence and Tax Shelters Act Display Title Auditor Independence and Tax Shelters Act Official Title as Introduced A bill to prevent corporate auditors from providing tax shelter services to their audit clients. Introduced in Senate IS Short Titles as Introduced Auditor Independence and Tax Shelters Act Introduced in Senate 2003-10-21T04:00:00Z 2003-10-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12978) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.