3.0.0 1526 2023-01-11T13:24:05Z 2023-01-11T13:24:05Z Senate S S 2013-09-19 113 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2013-09-19T14:22:34Z Audit Integrity and Job Protection Act 113 1564 HR 2013-07-09 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2013-09-19 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2013-09-19 Introduced in Senate IntroReferral 10000 9 Library of Congress T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. N M001183 Sen. Manchin, Joe, III [D-WV] Joseph Manchin D WV 2013-09-19 True K000360 Sen. Kirk, Mark Steven [R-IL] MARK KIRK R IL STEVEN 2013-10-28 False Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Congressional oversight Corporate finance and management Financial services and investments Government corporations and government-sponsored enterprises Government studies and investigations Securities Finance and Financial Sector 00 2013-09-19 Introduced in Senate 2013-11-26T21:28:59Z 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.

]]> Audit Integrity and Job Protection Act Display Title Audit Integrity and Job Protection Act Official Title as Introduced A bill to 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. Introduced in Senate IS Short Titles as Introduced Audit Integrity and Job Protection Act Introduced in Senate 2013-09-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1526is/xml/BILLS-113s1526is.xml 2013-09-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.