Source: https://www.law.cornell.edu/uscode/text/15/7214
Timestamp: 2017-05-25 03:19:30
Document Index: 120434848

Matched Legal Cases: ['§ 7214', '§ 7214', '§ 7214', '§\u202f7214', '§\u202f104', '§\u202f982']

15 U.S. Code § 7214 - Inspections of registered public accounting firms | US Law | LII / Legal Information Institute
U.S. Code › Title 15 › Chapter 98 › Subchapter I › § 7214 15 U.S. Code § 7214 - Inspections of registered public accounting firms
§ 7214.
The Board may, by rule, conduct and require a program of inspection in accordance with paragraph (1), on a basis to be determined by the Board, of registered public accounting firms that provide one or more audit reports for a broker or dealer. The Board, in establishing such a program, may allow for differentiation among classes of brokers and dealers, as appropriate.
If the Board determines to establish a program of inspection pursuant to subparagraph (A), the Board shall consider in establishing any inspection schedules whether differing schedules would be appropriate with respect to registered public accounting firms that issue audit reports only for one or more brokers or dealers that do not receive, handle, or hold customer securities or cash or are not a member of the Securities Investor Protection Corporation.
Any rules of the Board pursuant to this paragraph shall be subject to prior approval by the Commission pursuant to section 7217(b) of this title before the rules become effective, including an opportunity for public notice and comment.
Notwithstanding anything to the contrary in section 7212 of this title, a public accounting firm shall not be required to register with the Board if the public accounting firm is exempt from the inspection program which may be established by the Board under subparagraph (A).
(1) In generalSubject to paragraph (2), inspections required by this section shall be conducted—
(c) ProceduresThe Board shall, in each inspection under this section, and in accordance with its rules for such inspections—
identify any act or practice or omission to act by the registered public accounting firm, or by any associated person thereof, revealed by such inspection that may be in violation of this Act, the rules of the Board, the rules of the Commission, the firm’s own quality control policies, or professional standards;
(d) Conduct of inspectionsIn conducting an inspection of a registered public accounting firm under this section, the Board shall—
(g) ReportA written report of the findings of the Board for each inspection under this section, subject to subsection (h), shall be—
made available in appropriate detail to the public (subject to section 7215(b)(5)(A) of this title, and to the protection of such confidential and proprietary information as the Board may determine to be appropriate, or as may be required by law), except that no portions of the inspection report that deal with criticisms of or potential defects in the quality control systems of the firm under inspection shall be made public if those criticisms or defects are addressed by the firm, to the satisfaction of the Board, not later than 12 months after the date of the inspection report.
(1) Reviewable mattersA registered public accounting firm may seek review by the Commission, pursuant to such rules as the Commission shall promulgate, if the firm—
Any decision of the Commission with respect to a review under paragraph (1) shall not be reviewable under section 78y of this title, or deemed to be “final agency action” for purposes of section 704 of title 5.
(Pub. L. 107–204, title I, § 104, July 30, 2002, 116 Stat. 757; Pub. L. 111–203, title IX, § 982(e)(1), July 21, 2010, 124 Stat. 1929.)