Amend Misinterpreted Excessive Regulation In Corporate America Act

Summary

Amend Misinterpreted Excessive Regulation In Corporate America Act - Amends the Sarbanes-Oxley Act of 2002 to direct the Public Company Accounting Oversight Board to appoint an ombudsman to act as a liaison between the Board and any registered public accounting firm or issuer regarding: (1) issues or disputes concerning the preparation or issuance of any audit report with respect to that issuer; and (2) problems resulting from Board regulatory activities, particularly implementation of management assessment of internal controls. Revises requirements governing appointment of Board members. Provides for Presidential appointment of Board members, by and with the advice and consent of the Senate. Declares that Congress reserves the authority to establish periodic limits upon the amount of fees which may be collected on behalf of the Board. Instructs the Securities and Exchange Commission to: (1) adopt revisions to its rules regarding management's assessment of an issuer's internal control structure and procedures; and (2) adopt a more risk-based statement on internal control reporting that focuses internal control review on financial controls having significant risk of failing to prevent financial damages that would be material to the issuer's financial statements. Instructs the Board to revise its standards for auditor attestation to and reporting on management's internal control assessment. Revises the requirement that each registered public accounting firm that prepares or issues the audit report for an issuer attest to the internal control assessment made by the issuer's management. Allows an issuer, in the alternative, to engage separately a different registered public accounting firm to attest to such assessment. (Current law prohibits such separate attestation engagements.) Prohibits any private right of action against a registered public accounting firm in any federal or state court on the basis of a violation or alleged violation of assessment requirements or standards issued by the Board for purposes of implementing the Sarbanes-Oxley Act of 2002.

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Timeline

1. 14 February 2007

   Introduced

   Introduced in House

   Source: IntroReferral

2. 14 February 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 February 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

4. 13 April 2007

   Referred

   Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 February 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 February 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 February 2007

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 14 February 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Garrett, Scott [R-NJ-5] · R · Sponsor
• Rep. Hensarling, Jeb [R-TX-5] · R · Sponsor
• Rep. Feeney, Tom [R-FL-24] · R · Sponsor
• Rep. Price, Tom [R-GA-6] · R · Sponsor
• Rep. Paul, Ron [R-TX-14] · R · Sponsor
• Rep. Gingrey, Phil [R-GA-11] · R · Sponsor
• Rep. Westmoreland, Lynn A. [R-GA-3] · R · Sponsor
• Rep. Carter, John R. [R-TX-31] · R · Sponsor
• Rep. Goode, Virgil H., Jr. [R-VA-5] · R · Sponsor
• Rep. Myrick, Sue Wilkins [R-NC-9] · R · Sponsor
• Rep. Gohmert, Louie [R-TX-1] · R · Sponsor
• Rep. Lamborn, Doug [R-CO-5] · R · Sponsor
• Sen. Flake, Jeff [R-AZ] · R · Sponsor
• Rep. Akin, W. Todd [R-MO-2] · R · Sponsor
• Rep. Royce, Edward R. [R-CA-39] · R · Sponsor
• Rep. Neugebauer, Randy [R-TX-19] · R · Sponsor
• Rep. Mack, Connie [R-FL-14] · R · Cosponsor
• Rep. Barrett, J. Gresham [R-SC-3] · R · Cosponsor
• Rep. Pence, Mike [R-IN-6] · R · Cosponsor
• Rep. Tiahrt, Todd [R-KS-4] · R · Cosponsor
• Rep. McCotter, Thaddeus G. [R-MI-11] · R · Cosponsor
• · hsba00 · Standing

Related records

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