United States · Amendment · HAMDT

HAMDT 457 (107th)

An amendment in the nature of a substitute numbered 4 printed in House Report 107-418 to create the Federal Bureau of Audits (FBA) to monitor corporate America's books by auditing all publicly-traded companies. The new agency would be a part of the SEC, but would maintain appropriate independence. The SEC would set the basic rules of auditing by incorporating the generally accepted auditing standards rules and making further refinements that are "necessary and appropriate in the public interest and for the protection of investors." The FBA's integrity will be ensured by several conflict of interest provisions designed to make certain that American taxpayers, investors, and employees get an accurate assessment of a corporation.