To require auditor independence standards of the Public Company Accounting Oversight Board and the Securities and Exchange Commission applicable to past audits of a company occurring before it was a public company to treat an auditor as independent if the auditor meets established professional standards, and for other purposes.
12/15/2023, 3:56 PMSummary of Bill HR 2606
Bill 118 hr 2606, also known as the "Auditor Independence Standards Act," aims to establish auditor independence standards for the Public Company Accounting Oversight Board (PCAOB) and the Securities and Exchange Commission (SEC) in relation to past audits of companies that were conducted before they became public companies. The bill proposes that auditors should be considered independent if they adhere to established professional standards.The main goal of this legislation is to ensure that auditors maintain their independence and objectivity when conducting audits of companies, even if those audits were performed before the company went public. By requiring auditors to meet professional standards, the bill seeks to enhance the credibility and reliability of financial reporting for both public and private companies.
In addition to setting standards for auditor independence, the bill also includes provisions for other purposes related to improving the oversight and regulation of auditors in the financial industry. Overall, the Auditor Independence Standards Act aims to strengthen the integrity of financial reporting and promote transparency in the auditing process.
Congressional Summary of HR 2606
This bill modifies the auditor independence standards required by the Public Company Accounting Oversight Board and the Securities and Exchange Commission. Specifically, an issuer that is a public company or has filed to become a public company must comply with certain auditor independence standards regarding audits that occurred in the fiscal year prior to the company going public.
Read the Full Bill
Current Status of Bill HR 2606
Bill HR 2606 is currently in the status of Bill Introduced since April 13, 2023. Bill HR 2606 was introduced during Congress 118 and was introduced to the House on April 13, 2023. Bill HR 2606's most recent activity was Referred to the House Committee on Financial Services. as of April 13, 2023Bipartisan Support of Bill HR 2606
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 2606
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 2606
To require auditor independence standards of the Public Company Accounting Oversight Board and the Securities and Exchange Commission applicable to past audits of a company occurring before it was a public company to treat an auditor as independent if the auditor meets established professional standards, and for other purposes.To require auditor independence standards of the Public Company Accounting Oversight Board and the Securities and Exchange Commission applicable to past audits of a company occurring before it was a public company to treat an auditor as independent if the auditor meets established professional standards, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of HR 2606
Latest Bills
Improving Reporting to Prevent Hate Act of 2025
Bill HR 2588April 9, 2025
Crop Insurance for Future Farmers Act
Bill S 1073April 9, 2025
Strengthening VA Patient Advocacy for Rural Veterans Act of 2025
Bill S 1134April 9, 2025
Safeguarding Medicaid Act
Bill S 1082April 9, 2025
Renewable Natural Gas Incentive Act of 2025
Bill HR 2596April 9, 2025
Protecting Data at the Border Act
Bill HR 2604April 9, 2025
MedShield Act of 2025
Bill S 1085April 9, 2025
Delete DOGE Act
Bill HR 2601April 9, 2025
Land Manager Housing and Workforce Improvement Act of 2025
Bill S 1083April 9, 2025
Maximum Support Act
Bill HR 2614April 9, 2025
Expanding Access to Capital Act of 2023
Bill HR 2799March 18, 2024