H.R. 1564
Audit Integrity and Job Protection Act
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsor
Rep. Hurt, Robert [R-VA-5]
Bill Details
- Update Date
- Jan 11, 2023
- Origin Chamber
- House
- Bill Type
- HR
- Bill Number
- 1,564
- Congress
- 113
- Introduced Date
- Apr 15, 2013
- Policy Area
- Finance and Financial Sector
- Is Law
- No
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: Senate
Motion to reconsider laid on the table Agreed to without objection.
Source: House floor actions
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 62 (Roll no. 306). (text: CR H4182)
Source: House floor actions
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 62 (Roll no. 306).(text: CR H4182)
Source: Library of Congress
Considered as unfinished business. (consideration: CR H4186-4187)
Source: House floor actions
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Source: House floor actions
DEBATE - The House proceeded with forty minutes of debate on H.R. 1564.
Source: House floor actions
Considered under suspension of the rules. (consideration: CR H4182-4184)
Source: House floor actions
Mr. Hurt moved to suspend the rules and pass the bill, as amended.
Source: House floor actions
Placed on the Union Calendar, Calendar No. 103.
Source: House floor actions
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.
Source: House floor actions
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.
Source: Library of Congress
Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.
Source: House committee actions
Committee Consideration and Mark-up Session Held.
Source: House committee actions
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Source: House committee actions
Referred to the House Committee on Financial Services.
Source: House floor actions
Introduced in House
Source: Library of Congress
Introduced in House
Source: Library of Congress
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 auditors, or that such audits be conducted for an issuer by different auditors on a rotating basis.
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.
Banking, Housing, and Urban Affairs Committee
Financial Services Committee