S. 1767 · 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
LevinSponsor2 cosponsors · 1 D, 1 R
2 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 to prohibit a registered public accounting firm from providing tax shelter services to their audit clients.
What it does: CRS summary · Introduced in Senate · Oct 21, 2003
Auditor Independence and Tax Shelters Act - Amends the Securities Exchange Act of 1934 to prohibit a registered public accounting firm from providing tax shelter services to their audit clients.
Defines tax shelter services as services provided by a registered public accounting firm (or by an associated person of that firm) to an issuer, 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 by such issuer, or an officer or director of such issuer, whether acting as a direct or indirect participant, and for which such firm may receive fees in excess of $100,000 in the aggregate.
Requires an audit committee, as a prerequisite to its approval of a non-audit service, to determine whether a reasonable likelihood exists that the service would impair the independence of the registered public accounting firm by resulting in the firm's: (1) auditing its own work for the issuer; (2) performing a management function for the issuer; (3) advocating in a public forum for the issuer; or (4) promoting the stock or other financial interest of the issuer.
Prohibits the audit committee from providing advance approval of such service if it determines that such a reasonable likelihood exists.
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 (Oct 21, 2003): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12978)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Oct 21, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.