a reference to the Office of Public Accounting Oversight 
of the Office of the Chief Accountant of the Securities and 
Exchange Commission. 
(d) TERMINATION OF EXISTING BOARD.—The Public 
Company Accounting Oversight Board shall terminate on 
the date that is 2 years after the date of the enactment 
of this Act. 
SEC. 3. ESTABLISHMENT; ADMINISTRATIVE PROVISIONS. 
(a) IN GENERAL.—Section 101 of the Sarbanes- 
Oxley Act of 2002 (15 U.S.C. 7211) is amended— 
(1) by amending subsection (a) to read as fol-
lows: 
‘‘(a) ESTABLISHMENT OF OFFICE.—There is estab-
lished in the Office of the Chief Accountant of the Com-
mission an Office of Public Accounting Oversight, to over-
see the audit of companies that are subject to the securi-
ties laws, and related matters, in order to protect the in-
terests of investors and further the public interest in the 
preparation of informative, accurate, and independent 
audit reports.’’; 
(2) by amending subsection (b) to read as fol-
lows: 
‘‘(b) DIRECTOR.—The Chief Accountant of the Office 
of the Chief Accountant of the Commission shall serve as 
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the Director of the Office of Public Accounting Over-
sight.’’; 
(3) in subsection (c)— 
(A) in the heading, by striking ‘‘THE 
BOARD’’ and inserting ‘‘THE OFFICE’’; 
(B) by striking ‘‘, subject to action by the 
Commission under section 107, and once a de-
termination is made by the Commission under 
subsection (d) of this section’’; 
(C) in paragraph (3), by striking ‘‘section 
104’’ and inserting ‘‘subsection (e)’’; 
(D) in paragraph (4), by striking ‘‘section 
105’’ and inserting ‘‘subsection (f)’’; 
(E) in paragraph (5)— 
(i) by striking ‘‘the Board (or the 
Commission, by rule or order)’’ and insert-
ing ‘‘the Commission’’; and 
(ii) by inserting ‘‘and’’ after the semi-
colon; 
(F) in paragraph (6)— 
(i) by striking ‘‘the rules of the 
Board’’ and inserting ‘‘the rules of the 
Commission’’; and 
(ii) by striking ‘‘; and’’ and inserting 
a period; and 
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(G) by striking paragraph (7); 
(4) in subsection (d)— 
(A) by striking ‘‘The members of the 
Board’’ and inserting ‘‘The Chief Accountant of 
the Office of the Chief Accountant of the Com-
mission’’; 
(B) by striking ‘‘270 days after the date of 
enactment of this Act’’ and inserting ‘‘1 year 
after the date of the enactment of the Stream-
lining Public Company Accounting Oversight 
Act’’; and 
(C) by striking the last sentence; 
(5) by striking subsections (e), (f), and (g); 
(6) by inserting after subsection (d) the fol-
lowing: 
‘‘(e) INSPECTIONS
OF REGISTERED PUBLIC AC-
COUNTING FIRMS.—The Office shall conduct a continuing 
program of inspections to assess the degree of compliance 
of each registered public accounting firm and associated 
persons of that firm with this Act, the rules of the Com-
mission, or professional standards, in connection with its 
performance of audits, issuance of audit reports, and re-
lated matters involving issuers. 
‘‘(f) INVESTIGATIONS
AND
DISCIPLINARY
PRO-
CEEDINGS.—The Commission shall establish, by rule, fair 
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procedures for the investigation and disciplining of reg-
istered public accounting firms and associated persons of 
such firms.’’; 
(7) by redesignating subsection (h) as sub-
section (g); and 
(8) in the heading of subsection (g), as so re-
designated, by striking ‘‘THE BOARD’’ and inserting 
‘‘THE OFFICE’’. 
(b) PUBLICATION OF RULES.—The Director of the 
Office of Public Accounting Oversight shall, promptly 
after the creation of the Office, cause to be published in 
the Federal Register all rules that are transferred to the 
jurisdiction of the Office pursuant to section 2 upon the 
termination of the Public Company Accounting Oversight 
Board. 
SEC. 4. REGISTRATION WITH THE OFFICE. 
Section 102 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7212) is amended— 
(1) in the section heading by striking ‘‘THE 
BOARD’’ and inserting ‘‘THE OFFICE’’; 
(2) in subsection (b)(2)(H), by striking ‘‘the 
Board or the’’; and 
(3) in subsection (c)(2), by striking ‘‘ for pur-
poses of sections 105(d) and 107(c)’’. 
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SEC. 5. AUDITING, QUALITY CONTROL, STANDARDS, AND 
RULES. 
Section 103 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7213) is amended— 
(1) in the heading, by striking ‘‘AND INDE-
PENDENCE
STANDARDS’’ and inserting ‘‘STAND-
ARDS, AND’’; 
(2) in subsection (a)(3)— 
(A) in subparagraph (A)(i), by striking ‘‘, 
subject to the terms of section 107,’’; 
(B) by striking subparagraph (B); and 
(C) by redesignating subparagraph (C) as 
subparagraph (B); 
(3) in subsection (c) in the heading of para-
graph (2), by striking ‘‘BOARD’’ and inserting ‘‘OF-
FICE’’; and 
(4) in subsection (d), by striking ‘‘101(h)’’ and 
inserting ‘‘101(g)’’. 
SEC. 6. FOREIGN PUBLIC ACCOUNTING FIRMS. 
Section 106 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7216) is amended— 
(1) in the heading of subsection (a)(2), by 
striking ‘‘BOARD’’ and inserting ‘‘OFFICE’’; and 
(2) in subsection (c)— 
(A) by striking ‘‘and the Board, subject to 
the approval of the Commission, may,’’; and 
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