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. 
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’’. 
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)’’. 
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)— 
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(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 
(B) by striking ‘‘(or Board)’’. 
SEC. 7. FUNDING. 
Section 109 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7219) is amended— 
(1) by amending subsection (b) to read as fol-
lows: 
‘‘(b) ANNUAL BUDGETS.— 
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‘‘(1) STANDARD SETTING BODY.—The standard 
setting body referred to in subsection (a) shall estab-
lish a budget for each fiscal year, which shall be re-
viewed and approved according to their respective in-
ternal procedures not less than 1 month prior to the 
commencement of the fiscal year to which the budg-
et pertains. 
‘‘(2) THE OFFICE.—The Commission shall es-
tablish the budget for the Office for each fiscal 
year.’’; 
(2) in subsection (c)— 
(A) by amending paragraph (1) to read as 
follows: 
‘‘(1) RECOVERABLE BUDGET EXPENSES.— 
‘‘(A) STANDARD
SETTING
BODY.—The 
budget of the standard setting body referred to 
in subsection (a) for each fiscal year shall be 
payable from annual accounting support fees, in 
accordance with subsections (d) and (e). Ac-
counting support fees and other receipts of such 
standard-setting body shall not be considered 
public monies of the United States. 
‘‘(B) THE OFFICE.—The budget of the Of-
fice (reduced by any registration or annual fees 
received under section 102(f) for the year pre-
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SEC. 10. RULE OF CONSTRUCTION WITH RESPECT TO CO-
OPERATIVE ARRANGEMENTS. 
Nothing in this Act, or the amendments made by this 
Act, shall be construed to invalidate or otherwise affect 
a cooperative arrangement between the Public Company 
Accounting Oversight Board and a foreign auditor over-
sight authority (as defined in section 2(a) of the Sarbanes- 
Oxley Act of 2002 (15 U.S.C. 7201(a))) in effect on the 
date that is 2 years after the date of the enactment of 
this Act. 
SEC. 11. REGULATIONS. 
The Securities and Exchange Commission may issue 
such regulations as may be necessary to carry out this 
Act. 
SEC. 12. EFFECTIVE DATE. 
The amendments made by this Act shall take effect 
on the date that is 2 years after the date of the enactment 
of this Act. 
Æ 
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