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Bill113th CongressFiled Apr 15, 2013Finance and Financial Sector
H.R. 1564

Audit Integrity and Job Protection Act

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house amended (Jul 8, 2013)

Audit Integrity and Job Protection Act - Amends the Sarbanes-Oxley Act of 2002 (SOX) to deny the Public Company Accounting Oversight Board any authority to require that audits conducted for a particular issuer of securities in accordance with SOX standards be conducted by specific registered public accounting firms, or that such audits be conducted for an issuer by different registered public accounting firms on a rotating basis.

Directs the Comptroller General (GAO) to update the November 2003 report, "Study on the Potential Effects of Mandatory Audit Firm Rotation," and review the potential effects (including costs and benefits) of requiring the mandatory rotation of registered public accounting firms.

Requires such update also to study: (1) whether mandatory rotation of registered public accounting firms would mitigate against potential conflicts of interest between registered public accounting firms and issuers; (2) whether such a mandatory rotation would impair audit quality due to the loss of industry or company-specific knowledge gained by a registered public accounting firm through years of experience auditing the issuer; and (3) what effect SOX has had upon registered public accounting firms' independence, and whether additional independence reforms are needed.

What just happenedJul 9, 2013

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Hurt, Robert [R-VA-5](R-VA)Sponsor
13 cosponsors5 D8 R
Read on Congress.gov
13cosponsors2committees18actions1related bills8subjects
  • Referred in SenateJul 9, 2013
  • Reported in HouseJul 8, 2013
  • Engrossed in HouseJul 8, 2013
  • Introduced in HouseApr 15, 2013
  1. Jul 9, 2013IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. Jul 8, 2013FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jul 8, 2013FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 62 (Roll no. 306). (text: CR H4182)

  4. Jul 8, 2013Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 62 (Roll no. 306).(text: CR H4182)

  5. Jul 8, 2013FloorH30000

    Considered as unfinished business. (consideration: CR H4186-4187)

  6. Jul 8, 2013FloorH37220

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  7. Jul 8, 2013FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1564.

  8. Jul 8, 2013FloorH30000

    Considered under suspension of the rules. (consideration: CR H4182-4184)

  9. Jul 8, 2013FloorH30300

    Mr. Hurt moved to suspend the rules and pass the bill, as amended.

  10. Jul 8, 2013CalendarsH12410

    Placed on the Union Calendar, Calendar No. 103.

  11. Jul 8, 2013CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.

  12. Jul 8, 2013Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.

  13. Jun 19, 2013Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.

  14. Jun 19, 2013Committee

    Committee Consideration and Mark-up Session Held.

  15. May 23, 2013Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

  16. Apr 15, 2013IntroReferralH11100

    Referred to the House Committee on Financial Services.

  17. Apr 15, 2013IntroReferralIntro-H

    Introduced in House

  18. Apr 15, 2013IntroReferral1000

    Introduced in House

Passed House amendedJul 8, 201336

Audit Integrity and Job Protection Act - Amends the Sarbanes-Oxley Act of 2002 (SOX) to deny the Public Company Accounting Oversight Board any authority to require that audits conducted for a particular issuer of securities in accordance with SOX standards be conducted by specific registered public accounting firms, or that such audits be conducted for an issuer by different registered public accounting firms on a rotating basis.

Directs the Comptroller General (GAO) to update the November 2003 report, "Study on the Potential Effects of Mandatory Audit Firm Rotation," and review the potential effects (including costs and benefits) of requiring the mandatory rotation of registered public accounting firms.

Requires such update also to study: (1) whether mandatory rotation of registered public accounting firms would mitigate against potential conflicts of interest between registered public accounting firms and issuers; (2) whether such a mandatory rotation would impair audit quality due to the loss of industry or company-specific knowledge gained by a registered public accounting firm through years of experience auditing the issuer; and (3) what effect SOX has had upon registered public accounting firms' independence, and whether additional independence reforms are needed.

Introduced in HouseApr 15, 2013

Audit Integrity and Job Protection Act - Amends the Sarbanes-Oxley Act of 2002 (SOX) to deny the Public Company Accounting Oversight Board any authority to require that audits conducted for a particular issuer of securities in accordance with SOX standards be conducted by specific auditors, or that such audits be conducted for an issuer by different auditors on a rotating basis.

Audit Integrity and Job Protection Act — Informed