To require auditor independence standards of the Public Company Accounting Oversight Board and the Securities and Exchange Commission applicable to past audits of a company occurring before it was a public company to treat an auditor as independent if the auditor meets established professional standards, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires auditor independence for certain past audits occurring before an issuer is a public company Section 103 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. It relies on reporting requirements, compliance mandates, and product standards. The main policy areas are Financial Services and Finance.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Financial services firms and customers affected by the bill would take on compliance duties.
Key Provisions
- Requires auditor independence for certain past audits occurring before an issuer is a public company Section 103 of the Sarbanes-Oxley Act of 2002 (15 U.S.C.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires auditor independence for certain past audits occurring before an issuer is a public company Section 103 of the Sarbanes-Oxley Act of 2002 (15 U.S.C.
Key Policy Areas
Financial Services, Finance
Primary Purpose
The bill requires auditor independence for certain past audits occurring before an issuer is a public company Section 103 of the Sarbanes-Oxley Act of 2002 (15 U.S.C.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Financial services firms and customers affected by the bill
Legislative Progress
IntroducedMr. McHenry introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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