,,iib  #aac? ,,congress  #a/ ,session   
,h4 ,r4 #aefd  ,,9 ,,! ,,s5ate ,,( ,,!  
,,unit$ ,,/ates  ,july #i1 #bjac        
,receiv$2 read twice & ref]r$ to !      
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,,an ,,act  ,to am5d !        
,s>banes-,oxley ,act ( #bjjb to prohibit
 ! ,public ,company ,acc\nt+ ,ov]sight  
,bo>d f requir+ public companies to use 
specific auditors or require ! use (    
diff]5t auditors on a rotat+ basis4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,audit ,integrity & ,job ,protection    
,act4  #b4 ,limitation on au?ority      
relat+ to auditors ,section #ajc ( !    
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbac7 is am5d$ by add+ at !  
end ! foll[+3  7e7 ,limitation on       
au?ority ,! ,bo>d %all h no au?ority "u 
?is title to require t audits conduct$ =
 a p>ticul> issu] 9 accordance ) ! /&>ds
 set =? "u ?is section be conduct$ by   
specific regi/]$ public acc\nt+ firms1  
or t su* audits be conduct$ = an issu]  
by diff]5t regi/]$ public acc\nt+ firms 

on a rotat+ basis4  4  #c4 ,/udy (      
m&atory rotation ( regi/]$ public       
acc\nt+ firms  7a7 ,/udy & ,review      
,requir$ ,! ,comptroll] ,g5]al ( !      
,unit$ ,/ates %all update its ,novemb]  
#bjjc report entitl$ ,/udy on !         
,pot5tial ,effects ( ,m&atory ,audit    
,firm ,rotation1 & review ! pot5tial    
effects1 includ+ ! co/s & b5efits1 (    
requir+ ! m&atory rotation ( regi/]$    
public acc\nt+ firms4 ,9 addition1 !    
update %all include a /udy (--  7#a7    
:e!r m&atory rotation ( regi/]$ public  
acc\nt+ firms w\ld mitigate aga9/       
pot5tial conflicts ( int]e/ betwe5      
regi/]$ public acc\nt+ firms & issu]s2  
7#b7 :e!r m&atory rotation ( regi/]$    
public acc\nt+ firms w\ld impair audit  
quality due to ! loss ( indu/ry or      
company-specific k ga9$ by a regi/]$    
public acc\nt+ firm ?r\gh ye>s (        
exp]i5ce audit+ ! issu]2 &  7#c7 :at    
affect ! ,s>banes-,oxley ,act ( #bjjb   
has _h on regi/]$ public acc\nt+ firms' 
indep5d5ce & :e!r additional indep5d5ce 

re=ms are ne$$4  7b7 ,report ,requir$ ,n
 lat] ?an #a ye> aft] ! date ( enactm5t 
( ?is ,act1 ! ,comptroll] ,g5]al %all   
submit a report to ! ,committee on      
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives on 
! results ( ! /udy & review requir$ by  
?is section4  7c7 ,def9ition ,= purposes
 ( ?is section1 ! t]m m&atory rotation  
ref]s to ! imposition ( a limit on !    
p]iod ( ye>s 9 :i* a p>ticul> regi/]$   
public acc\nt+ firm may be ! auditor (  
record = a p>ticul> issu]4  ,pass$ !    
,h\se ( ,repres5tatives ,july #h1 #bjac4
 ,k>5 ,l4 ,haas1 ,cl]k