Audit Integrity and Job Protection Act

Bill: 113-hr-1564
Sponsor: Rep. Hurt, Robert [R-VA-5]
Introduced: 2013-04-15 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Congressional oversight
Corporate finance and management
Financial services and investments
Government corporations and government-sponsored enterprises
Government studies and investigations
Securities

Summary:
action_date: 2013-04-15
text: 
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.

action_date: 2013-07-08
text: 
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.


Legislative actions:
action_date: 2013-07-09
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2013-07-08
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2013-07-08
text: 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)
action_date: 2013-07-08
text: 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)
action_date: 2013-07-08
text: Considered as unfinished business. (consideration: CR H4186-4187)
action_date: 2013-07-08
text: 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.
action_date: 2013-07-08
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1564.
action_date: 2013-07-08
text: Considered under suspension of the rules. (consideration: CR H4182-4184)
action_date: 2013-07-08
text: Mr. Hurt moved to suspend the rules and pass the bill, as amended.
action_date: 2013-07-08
text: Placed on the Union Calendar, Calendar No. 103.
action_date: 2013-07-08
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.
action_date: 2013-07-08
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.
action_date: 2013-06-19
text: Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.
action_date: 2013-06-19
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-05-23
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
action_date: 2013-04-15
text: Referred to the House Committee on Financial Services.
action_date: 2013-04-15
text: Introduced in House
action_date: 2013-04-15
text: Introduced in House