H.R. 1780 · 110th Congress
Small Business Securities Protection Act
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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.
R
KirkSponsor5 cosponsors · 1 D, 4 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small Business Securities Protection Act - Amends the Sarbanes-Oxley Act of 2002 to instruct the Securities and Exchange Commission to prescribe rules that incorporate risk-based concepts in evaluating internal control over financial reporting for issuers.
What it does: CRS summary · Introduced in House · Mar 29, 2007
Small Business Securities Protection Act - Amends the Sarbanes-Oxley Act of 2002 to instruct the Securities and Exchange Commission to prescribe rules that incorporate risk-based concepts in evaluating internal control over financial reporting for issuers.
Requires such rules also to incorporate: (1) specific guidelines for measuring the terms "material," "reasonable," "significant," and "sufficient" in the context of internal control over financial reporting; (2) a requirement that the Public Company Accounting Oversight Board consider the efficiency of audit practices in its inspections; (3) alternative requirements for smaller issuers that reflect the relative size and complexity of smaller issuers, and the relative financial and manpower burdens placed on them in testing and documenting internal controls; and (4) revised standards for independence by auditors to permit the rendering of internal control advice for resolution of internal control issues and related liability safe harbors for auditors providing such advice to smaller issuers.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Securities Protection Act
Latest action (Mar 30, 2007): Sponsor introductory remarks on measure. (CR E701)
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 29, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.