H.R. 1508 · 110th Congress
Compete Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MeeksSponsor28 cosponsors · 1 D, 27 R
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Gresham Barrett
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Gohmert
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Hensarling
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Myrick
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Miller
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McMorris Rodgers
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Neugebauer
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Royce
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Herger26 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Compete Act of 2007 - Amends the Sarbanes-Oxley Act of 2002 to revise requirements for the internal control assessment component of a securities issuer's annual report.
What it does: CRS summary · Introduced in House · Mar 13, 2007
Compete Act of 2007 - Amends the Sarbanes-Oxley Act of 2002 to revise requirements for the internal control assessment component of a securities issuer's annual report.
Requires the attestation and report by a registered public accounting firm on an issuer's management assessment of its internal control structure and procedures to focus upon the process and system used by management to identify and manage risks, identify and implement key controls, and come to a conclusion on the effectiveness of the internal controls over financial reporting.
Prohibits an auditor's attestation and report from including a separate (pass/fail) opinion on the effectiveness of such internal controls.
Requires such attestation and report to be performed at three-year intervals.
Prescribes standards for such attestations and reports, including a risk-based evaluation.
Permits attestations and reports to rely on examinations and inspections by federal and state regulatory agencies.
Instructs the Securities and Exchange Commission to develop a standard of materiality for such assessments and reports based upon whether the internal control has a material effect on the company's financial statements and is significant to the issuer's overall financial status.
Exempts a smaller public company from the requirements for management assessment of internal controls, unless it voluntarily elects to comply with them.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Compete Act of 2007
Latest action (Mar 13, 2007): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 13, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.