Auditor Independence and Tax Shelters Act

Summary

Auditor Independence and Tax Shelters Act - Amends the Securities Exchange Act of 1934 governing audit requirements to prohibit a registered public accounting firm (or associated person) from providing services to an issuer of securities, or an officer or director of an issuer, to design, organize, promote, assist, or execute any investment, entity, plan, arrangement, or transaction for which a significant purpose is the avoidance or evasion of Federal income tax (tax shelter), and for which the firm may receive fees exceeding $100,000 in the aggregate. Requires the audit committee of an issuer, before pre-approving a non-audit service not otherwise prohibited, to determine whether a reasonable likelihood exists that such service would impair the accounting firm's independence. Prohibits the audit committee from providing advance approval of such a service if a reasonable likelihood of impairment does exist.

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Timeline

1. 21 November 2003

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 21 November 2003

   Introduced

   Introduced in House

   Source: IntroReferral

3. 21 November 2003

   Introduced

   Introduced in House

   Source: IntroReferral

4. 23 November 2003

   Introduced

   Sponsor introductory remarks on measure. (CR E2440-2441)

   Source: IntroReferral

5. 2 December 2003

   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 · 21 November 2003 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 November 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 November 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 November 2003

  Open at official source

Sponsors

• Rep. Emanuel, Rahm [D-IL-5] · D · Sponsor
• Rep. Foley, Mark [R-FL-16] · R · Sponsor
• Rep. Stupak, Bart [D-MI-1] · D · Sponsor
• Rep. Camp, Dave [R-MI-4] · R · Sponsor
• Rep. Lantos, Tom [D-CA-11] · D · Sponsor
• Rep. Owens, Major R. [D-NY-12] · D · Cosponsor
• SANDER LEVIN · D · Cosponsor
• Sen. Baldwin, Tammy [D-WI] · D · Cosponsor
• Raúl Grijalva · D · Cosponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Cosponsor
• Betty McCollum · D · Cosponsor
• Diana DeGette · D · Cosponsor
• · hsba00 · Standing

Related records

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