Truth and Accountability in Accounting Act of 2002

Summary

Truth and Accountability in Accounting Act of 2002 - Directs: (1) the Securities and Exchange Commission (SEC) to review annually the impact of unresolved accounting standards issues on the clarity, transparency, and quality of financial reporting by publicly traded companies; (2) the Financial Accounting Standards Board (FASB) to respond to such report; and (3) the General Accounting Office (GAO) to evaluate such review mechanisms. Amends the Federal Power Act to instruct the Federal Energy Regulatory Commission (FERC) to promulgate criteria for waivers and exemptions pertaining to: (1) securities issuance and assumption of liabilities; (2) accounts and records; (3) reports and obstructing filing reports or keeping accounts; and (4) officials dealing in securities. Places a limited moratorium on certain waivers and exemptions. Instructs FERC to summarize annually for certain congressional committees the financial and operating condition of power marketers, including the key trends or issues affecting the capital structure and financial condition of such marketers, and the use of leverage, derivatives transactions, and other material information. Amends the Securities Exchange Act of 1934 to mandate certification of financial statements by corporate officers. Directs the Securities and Exchange Commission (SEC) to establish an Independent National Board of Accountancy (INBA) to exercise oversight and information collection jurisdiction over accounting and auditing firms. Grants the INBA enforcement authority, and establishes civil money penalties for specified offenses. Vests the SEC with responsibility for promulgating and interpreting auditor independence rules. Directs INBA to seek to promote auditor independence. Places INBA under SEC oversight. Subjects certain foreign public accounting firms to the requirements of this Act.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 March 2002

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• Introduced in House (PDF)

  Introduced in House · EN · 14 March 2002

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• Introduced in House

  summary · EN · 14 March 2002

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