Source: https://law.justia.com/codes/us/2015/title-15/chapter-98/subchapter-i/sec.-7213/
Timestamp: 2019-09-23 09:32:03
Document Index: 655456487

Matched Legal Cases: ['§ 7213', '§103', '§982', '§104', '§ 7213', '§7213', '§103', '§982', '§104', '§982', '§982', '§982']

15 U.S.C. § 7213 (2015) - Auditing, quality control, and independence standards and rules :: Title 15 - Commerce and Trade (Sections 1 - 8405) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 15 - Commerce and Trade (Sections 1 - 8405) Chapter 98 - Public Company Accounting Reform and Corporate Responsibility (Sections 7201 - 7266) Subchapter I - Public Company Accounting Oversight Board (Sections 7211 - 7220) Sec. 7213 - Auditing, quality control, and independence standards and rules
Sec. 7213 - Auditing, quality control, and independence standards and rules
Contains section 7213
Source Credit Pub. L. 107-204, title I, §103, July 30, 2002, 116 Stat. 755; Pub. L. 111-203, title IX, §982(d), July 21, 2010, 124 Stat. 1929; Pub. L. 112-106, title I, §104, Apr. 5, 2012, 126 Stat. 310.
Statutes at Large References 116 Stat. 755, 745, 771
126 Stat. 310
Public and Private Laws Public Law 107-204, Public Law 111-203, Public Law 112-106
15 U.S.C. § 7213 (2015)
§7213. Auditing, quality control, and independence standards and rules(a) Auditing, quality control, and ethics standards(1) In general
(2) Rule requirements
In carrying out paragraph (1), the Board—
(iii) in each audit report for an issuer, describe the scope of the auditor's testing of the internal control structure and procedures of the issuer, required by section 7262(b) of this title, and present (in such report or in a separate report)—
(i) monitoring of professional ethics and independence from issuers, brokers, and dealers on behalf of which the firm issues audit reports;
(3) Authority to adopt other standards(A) In general
In carrying out this subsection, the Board—
(i) may adopt as its rules, subject to the terms of section 7217 of this title, any portion of any statement of auditing standards or other professional standards that the Board determines satisfy the requirements of paragraph (1), and that were proposed by 1 or more professional groups of accountants that shall be designated or recognized by the Board, by rule, for such purpose, pursuant to this paragraph or 1 or more advisory groups convened pursuant to paragraph (4); and
Any rules of the Board requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer (auditor discussion and analysis) shall not apply to an audit of an emerging growth company, as defined in section 78c of this title. Any additional rules adopted by the Board after April 5, 2012, shall not apply to an audit of any emerging growth company, unless the Commission determines that the application of such additional requirements is necessary or appropriate in the public interest, after considering the protection of investors and whether the action will promote efficiency, competition, and capital formation.
(c) Cooperation with designated professional groups of accountants and advisory groups(1) In general
The Board shall cooperate on an ongoing basis with professional groups of accountants designated under subsection (a)(3)(A) and advisory groups convened under subsection (a)(4) in the examination of the need for changes in any standards subject to its authority under subsection (a), recommend issues for inclusion on the agendas of such designated professional groups of accountants or advisory groups, and take such other steps as it deems appropriate to increase the effectiveness of the standard setting process.
The Board shall include in the annual report required by section 7211(h) of this title the results of its standard setting responsibilities during the period to which the report relates, including a discussion of the work of the Board with any designated professional groups of accountants and advisory groups described in paragraphs (3)(A) and (4) of subsection (a), and its pending issues agenda for future standard setting projects.
(Pub. L. 107–204, title I, §103, July 30, 2002, 116 Stat. 755; Pub. L. 111–203, title IX, §982(d), July 21, 2010, 124 Stat. 1929; Pub. L. 112–106, title I, §104, Apr. 5, 2012, 126 Stat. 310.)
2010—Subsec. (a)(1). Pub. L. 111–203, §982(d)(1), substituted "such ethics standards, and such independence standards" for "and such ethics standards".
Subsec. (a)(2)(A)(iii). Pub. L. 111–203, §982(d)(2), substituted "in each audit report for an issuer, describe" for "describe in each audit report" in introductory provisions.
Subsec. (a)(2)(B)(i). Pub. L. 111–203, §982(d)(3), substituted "issuers, brokers, and dealers" for "issuers".