[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3736 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 3736

To amend the Securities Exchange Act of 1934 to require the Securities 
    and Exchange Commission to strengthen the Commission's auditor 
                        independence standards.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2002

 Mr. Ackerman introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Exchange Act of 1934 to require the Securities 
    and Exchange Commission to strengthen the Commission's auditor 
                        independence standards.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Accuracy in Reporting Act 
of 2002''.

SEC. 2. AUDITOR INDEPENDENCE STANDARDS.

    (a) Auditor Independence.--The Securities and Exchange Commission 
shall revise the Commission's auditor independence rules (17 C.F.R. 
210.2-01) with respect to the performance of non-audit services for an 
audit client to establish standards that are consistent with, and at 
least as stringent as, the independence standards with respect to the 
performance of non-audit services for an audit client established in 
the revisions of the Government Auditing Standards by the Comptroller 
General on January 25, 2002, for audits for fiscal periods beginning on 
or after October 1, 2002.
    (b) Deadline.--The Commission shall prescribe the revisions to its 
regulations to comply with subsection (a) within one year after the 
date of enactment of this Act.
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