Compete Act of 2007

Summary

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.

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Timeline

1. 13 March 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 13 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 13 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 13 March 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 March 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 13 March 2007

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 13 March 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. Meeks, Gregory W. [D-NY-5] · D · Sponsor
• Rep. Feeney, Tom [R-FL-24] · R · Sponsor
• Rep. Westmoreland, Lynn A. [R-GA-3] · R · Sponsor
• Rep. Hensarling, Jeb [R-TX-5] · R · Sponsor
• Rep. Miller, Candice S. [R-MI-10] · R · Sponsor
• Rep. Duncan, John J., Jr. [R-TN-2] · R · Sponsor
• Rep. Garrett, Scott [R-NJ-5] · R · Sponsor
• Rep. Gingrey, Phil [R-GA-11] · R · Sponsor
• Rep. Kingston, Jack [R-GA-1] · R · Sponsor
• Rep. Carter, John R. [R-TX-31] · R · Sponsor
• Rep. Goode, Virgil H., Jr. [R-VA-5] · R · Sponsor
• Rep. Manzullo, Donald A. [R-IL-16] · R · Sponsor
• Rep. Barrett, J. Gresham [R-SC-3] · 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. Pitts, Joseph R. [R-PA-16] · R · Sponsor
• Rep. Neugebauer, Randy [R-TX-19] · R · Sponsor
• Rep. Akin, W. Todd [R-MO-2] · R · Sponsor
• Rep. McMorris Rodgers, Cathy [R-WA-5] · R · Sponsor
• Rep. Putnam, Adam H. [R-FL-12] · R · Sponsor
• Rep. Mack, Connie [R-FL-14] · R · Sponsor
• Rep. Royce, Edward R. [R-CA-39] · R · Sponsor
• Rep. Sessions, Pete [R-TX-17] · R · Sponsor
• Rep. Paul, Ron [R-TX-14] · R · Sponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Sponsor
• Rep. Herger, Wally [R-CA-2] · R · Cosponsor
• Rep. Goodlatte, Bob [R-VA-6] · R · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Compete Act of 2007