H.R. 3599 · 108th Congress
Auditor Independence and Tax Shelters Act
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
EmanuelSponsor11 cosponsors · 9 D, 2 R
R
Camp
MF
R
Foley
TL
D
Lantos
BS
D
Stupak
MOD
Owens
SL
D
Levin
TB
D
Baldwin
RG
D
Grijalva
DD
D
Davis
BM
D
McCollum
DD
D
DeGette4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Auditor Independence and Tax Shelters Act - Amends the Securities Exchange Act of 1934 governing audit requirements to prohibit a registered public accounting firm (or associated person) from providing services to an issuer of securities, or an officer or director of an issuer, to design, organize, promote, assist, or execute any investment, entity, plan,…
What it does: CRS summary · Introduced in House · Nov 21, 2003
Auditor Independence and Tax Shelters Act - Amends the Securities Exchange Act of 1934 governing audit requirements to prohibit a registered public accounting firm (or associated person) from providing services to an issuer of securities, or an officer or director of an issuer, to design, organize, promote, assist, or execute any investment, entity, plan, arrangement, or transaction for which a significant purpose is the avoidance or evasion of Federal income tax (tax shelter), and for which the firm may receive fees exceeding $100,000 in the aggregate.
Requires the audit committee of an issuer, before pre-approving a non-audit service not otherwise prohibited, to determine whether a reasonable likelihood exists that such service would impair the accounting firm's independence. Prohibits the audit committee from providing advance approval of such a service if a reasonable likelihood of impairment does exist.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Auditor Independence and Tax Shelters Act
Latest action (Dec 2, 2003): Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 21, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.