,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #edhi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #e1 #bjba,mr4 
,huiz5ga introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,s>banes-,oxley ,act ( #bjjb to transf] 
! ,public ,company ,acc\nt+ ,ov]sight   
,bo>d to ! ,securities & ,ex*ange       
,commission1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,/reaml9+ ,public ,company ,acc\nt+     
,ov]sight ,act4  #b4 ,transf] ( ,public 
,company ,acc\nt+ ,ov]sight ,bo>d to    
,securities & ,ex*ange ,commission  7a7 
,global am5dm5ts ,title ,i ( !          
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbaa et seq47 is am5d$-- 7#a7
 9 ! title head+1 by /rik+ ,public      
,company ,acc\nt+ ,ov]sight ,bo>d &     
ins]t+ ,(fice ( ,public ,acc\nt+        
,ov]sight2  7#b7 by /rik+ ,public       
,company ,acc\nt+ ,ov]sight ,bo>d ea*   
place x appe>s & ins]t+ ,(fice ( ,public
 ,acc\nt+ ,ov]sight2  7#c7 by /rik+ !   

,bo>d ea* place x appe>s & ins]t+ !     
,(fice2  7#d7 by /rik+ ,! ,bo>d ea*     
place x appe>s & ins]t+ ,! ,(fice2 &    
7#e7 by /rik+ ! ,bo>d's ea* place x     
appe>s & ins]t+ ! ,(fice's4  7b7        
,repeals ,sections #ajd1 #aje1 & #ajg ( 
! ,s>banes-,oxley ,act ( #bjjb 7#ae     
,u4,s4,c4 #gbad2 #ae ,u4,s4,c4 #gbae2   
#ae ,u4,s4,c4 #gbag7 are repeal$4  7c7  
,ref]5ces ,beg9n+ on ! date t is #b ye>s
 aft] ! date ( ! enactm5t ( ?is ,act1   
any ref]5ce to ! ,public ,company       
,acc\nt+ ,ov]sight ,bo>d 9 any law1     
regulation1 map1 docum5t1 record1 or o!r
 pap] ( ! ,unit$ ,/ates %all be deem$ to
 be a ref]5ce to ! ,(fice ( ,public     
,acc\nt+ ,ov]sight ( ! ,(fice ( ! ,*ief 
,acc\ntant ( ! ,securities & ,ex*ange   
,commission4  7d7 ,t]m9ation ( exi/+    
,bo>d ,! ,public ,company ,acc\nt+      
,ov]sight ,bo>d %all t]m9ate on ! date t
 is #b ye>s aft] ! date ( ! enactm5t (  
?is ,act4  #c4 ,e/abli%m5t2 adm9i/rative
 provisions ,section #aja ( !           
,s>banes-,oxley ,act ( #bjjb 7#ae       

,u4,s4,c4 #gbaa7 is am5d$-- 7#a7 by     
am5d+ subsection 7a7 to read z foll[s3  
7a7 ,e/abli%m5t ( ,(fice ,!re is        
e/abli%$ 9 ! ,(fice ( ! ,*ief ,acc\ntant
 ( ! ,commission an ,(fice ( ,public    
,acc\nt+ ,ov]sight1 to ov]see ! audit ( 
companies t are subject to ! securities 
laws1 & relat$ matt]s1 9 ord] to protect
 ! int]e/s ( inve/ors & fur!r ! public  
int]e/ 9 ! prep>ation ( in=mative1      
accurate1 & indep5d5t audit reports4  2 
7#b7 by am5d+ subsection 7b7 to read z  
foll[s3  7b7 ,director ,! ,*ief         
,acc\ntant ( ! ,(fice ( ! ,*ief         
,acc\ntant ( ! ,commission %all s]ve z !
 ,director ( ! ,(fice ( ,public ,acc\nt+
 ,ov]sight4  2  7#c7 9 subsection 7c7-- 
7,a7 9 ! head+1 by /rik+ ! ,bo>d &      
ins]t+ ! ,(fice2  7,b7 by /rik+ 1       
subject to action by ! ,commission "u   
section #ajg1 & once a det]m9ation is   
made by ! ,commission "u subsection 7d7 
( ?is section2  7,c7 9 p>agraph 7#c71 by
 /rik+ section #ajd & ins]t+ subsection 
7e72  7,d7 9 p>agraph 7#d71 by /rik+    

section #aje & ins]t+ subsection 7f72   
7,e7 9 p>agraph 7#e7-- 7i7 by /rik+ !   
,bo>d 7or ! ,commission1 by rule or     
ord]7 & ins]t+ ! ,commission2 &  7ii7 by
 ins]t+ & aft] ! semicolon2  7,f7 9     
p>agraph 7#f7-- 7i7 by /rik+ ! rules ( !
 ,bo>d & ins]t+ ! rules ( ! ,commission2
 &  7ii7 by /rik+ 2 & & ins]t+ a p]iod2 
&  7,g7 by /rik+ p>agraph 7#g72  7#d7 9 
subsection 7d7-- 7,a7 by /rik+ ,! memb]s
 ( ! ,bo>d & ins]t+ ,! ,*ief ,acc\ntant 
( ! ,(fice ( ! ,*ief ,acc\ntant ( !     
,commission2  7,b7 by /rik+ #bgj days   
aft] ! date ( enactm5t ( ?is ,act &     
ins]t+ #a ye> aft] ! date ( ! enactm5t (
 ! ,/reaml9+ ,public ,company ,acc\nt+  
,ov]sight ,act2 &  7,c7 by /rik+ ! la/  
s5t5ce2  7#e7 by /rik+ subsections 7e71 
7f71 & 7g72  7#f7 by ins]t+ aft]        
subsection 7d7 ! foll[+3  7e7           
,inspections ( regi/]$ public acc\nt+   
firms ,! ,(fice %all conduct a cont9u+  
program ( inspections to assess ! degree
 ( compliance ( ea* regi/]$ public      
acc\nt+ firm & associat$ p]sons ( t firm

 ) ?is ,act1 ! rules ( ! ,commission1 or
 pr(essional /&>ds1 9 connection ) its  
p]=mance ( audits1 issuance ( audit     
reports1 & relat$ matt]s involv+ issu]s4
  7f7 ,inve/igations & discipl9>y       
proce$+s ,! ,commission %all e/abli%1 by
 rule1 fair proc$ures = ! inve/igation &
 discipl9+ ( regi/]$ public acc\nt+     
firms & associat$ p]sons ( su* firms4  2
  7#g7 by r$esignat+ subsection 7h7 z   
subsection 7g72 &  7#h7 9 ! head+ (     
subsection 7g71 z s r$esignat$1 by /rik+
 ! ,bo>d & ins]t+ ! ,(fice4  #d4        
,regi/ration ) ! ,(fice ,section #ajb ( 
! ,s>banes-,oxley ,act ( #bjjb 7#ae     
,u4,s4,c4 #gbab7 is am5d$-- 7#a7 9 !    
section head+ by /rik+ ! ,bo>d & ins]t+ 
! ,(fice2  7#b7 9 subsection            
7b77#b77;,h71 by /rik+ ! ,bo>d or !2 &  
7#c7 9 subsection 7c77#b71 by /rik+ =   
purposes ( sections #aje7;d7 & #ajg7;c74
  #e4 ,audit+1 quality control1 /&>ds1 &
 rules ,section #ajc ( ! ,s>banes-,oxley
 ,act ( #bjjb 7#ae ,u4,s4,c4 #gbac7 is  
am5d$-- 7#a7 9 ! head+1 by /rik+ &      

,indep5d5ce ,/&>ds & ins]t+ ,/&>ds1 &2  
7#b7 9 subsection 7a77#c7-- 7,a7 9      
subp>agraph 7,a77i71 by /rik+ 1 subject 
to ! t]ms ( section #ajg12  7,b7 by     
/rik+ subp>agraph 7,b72 &  7,c7 by      
r$esignat+ subp>agraph 7,c7 z           
subp>agraph 7,b72  7#c7 9 subsection 7c7
 9 ! head+ ( p>agraph 7#b71 by /rik+    
,bo>d & ins]t+ ,(fice2 &  7#d7 9        
subsection 7d71 by /rik+ #aja7;h7 &     
ins]t+ #aja7;g74  #f4 ,=eign public     
acc\nt+ firms ,section #ajf ( !         
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbaf7 is am5d$-- 7#a7 9 !    
head+ ( subsection 7a77#b71 by /rik+    
,bo>d & ins]t+ ,(fice2 &  7#b7 9        
subsection 7c7-- 7,a7 by /rik+ & !      
,bo>d1 subject to ! approval ( !        
,commission1 may12 &  7,b7 by /rik+ 7or 
,bo>d74  #g4 ,fund+ ,section #aji ( !   
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbai7 is am5d$-- 7#a7 by     
am5d+ subsection 7b7 to read z foll[s3  
7b7 ,annual budgets  7#a7 ,/&>d sett+   
body ,! /&>d sett+ body ref]r$ to 9     

subsection 7a7 %all e/abli% a budget =  
ea* fiscal ye>1 :i* %all be review$ &   
approv$ accord+ to _! respective int]nal
 proc$ures n less ?an #a mon? prior to !
 comm5cem5t ( ! fiscal ye> to :i* !     
budget p]ta9s4  7#b7 ,! ,(fice ,!       
,commission %all e/abli% ! budget = !   
,(fice = ea* fiscal ye>4  2  7#b7 9     
subsection 7c7-- 7,a7 by am5d+ p>agraph 
7#a7 to read z foll[s3  7#a7 ,recov]able
 budget exp5ses  7,a7 ,/&>d sett+ body  
,! budget ( ! /&>d sett+ body ref]r$ to 
9 subsection 7a7 = ea* fiscal ye> %all  
be payable f annual acc\nt+ support     
fees1 9 accordance ) subsections 7d7 &  
7e74 ,acc\nt+ support fees & o!r        
receipts ( su* /&>d-sett+ body %all n be
 consid]$ public monies ( ! ,unit$      
,/ates4  7,b7 ,! ,(fice ,! budget ( !   
,(fice 7r$uc$ by any regi/ration or     
annual fees receiv$ "u section #ajb7;f7 
= ! ye> prec$+ ! ye> = :i* ! budget is  
be+ comput$7 = ea* fiscal ye> may be    
payable f annual acc\nt+ support fees1 9
 accordance ) subsections 7d7 & 7e74    

,acc\nt+ support fees & o!r receipts ( !
 ,(fice4  2  7,b7 9 p>agraph 7#b71 by   
/rik+ %all & ins]t+ may2  7#c7 9        
subsection 7d7-- 7,a7 9 ! head+1 by     
/rik+ ! ,bo>d & ins]t+ ! ,(fice2  7,b7 9
 p>agraph 7#a71 by /rik+ ,! ,bo>d %all  
e/abli%1 ) ! approval ( ! ,commission1 &
 ins]t+ ,! ,commission may e/abli%2     
7,c7 9 p>agraph 7#b71 by /rik+ %all &   
ins]t+ may2 &  7,d7 by /rik+ p>agraph   
7#c72  7#d7 9 subsection 7j7-- 7,a7 by  
/rik+ ei!r ! ,bo>d12 &  7,b7 by /rik+ 1 
or bo?12 &  7#e7 by /rik+ subsection    
7k74  #h4 ,def9itions ,section #aaj ( ! 
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbbj7 is am5d$-- 7#a7 by     
r$esignat+ p>agraphs 7#e7 & 7#f7 z      
p>agraphs 7#f7 & 7#g72 &  7#b7 by ins]t+
 aft] p>agraph 7#d7 ! foll[+3  7#e7     
,(fice ,! t]m ,(fice means ! ,(fice (   
,public ,acc\nt+ ,ov]sight ( ! ,(fice ( 
! ,*ief ,acc\ntant ( ! ,commission4  4  
#i4 ,te*nical & con=m+ am5dm5ts  7a7    
,def9itions ,section #b7;a77#i77;,c7 ( !
 ,s>banes-,oxley ,act ( #bjjb 7#ae      

,u4,s4,c4 #gbja7 is am5d$ by /rik+ 1    
#aja7;c71 #aje1 & #ajg7;c7 & ! rules ( !
 ,bo>d & ,commission issu$ !reund] &    
ins]t+ & #aja7;c7 & ! rules ( !         
,commission !reund]4  7b7 ,exemption    
au?ority ,section #bja7;b7 ( !          
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbca7;b77 is am5d$-- 7#a7 by 
/rik+ ,! ,bo>d may & ins]t+ ,!          
,commission may2 &  7#b7 by /rik+ 9 !   
same mann] z = rules ( ! ,bo>d "u       
section #ajg44  7c7 ,self-,regulatory   
organization ,section #fjc7y77#c7 ( !   
,consum] ,cr$it ,protection ,act 7#ae   
,u4,s4,c4 #afha;a7y77#c77 is am5d$ by   
/rik+ any entity e/abli%$ "u title ,i ( 
! ,s>banes-,oxley ,act ( #bjjb14  #aj4  
,rule ( con/ruction ) respect to        
coop]ative arrangem5ts ,no?+ 9 ?is ,act1
 or ! am5dm5ts made by ?is ,act1 %all be
 con/ru$ to invalidate or o!rwise affect
 a coop]ative arrangem5t betwe5 !       
,public ,company ,acc\nt+ ,ov]sight     
,bo>d & a =eign auditor ov]sight        
au?ority 7z def9$ 9 section #b7;a7 ( !  

,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbja7;a777 9 effect on ! date
 t is #b ye>s aft] ! date ( ! enactm5t (
 ?is ,act4  #aa4 ,regulations ,!        
,securities & ,ex*ange ,commission may  
issue su* regulations z may be necess>y 
to c>ry out ?is ,act4  #ab4 ,effective  
date ,! am5dm5ts made by ?is ,act %all  
take effect on ! date t is #b ye>s aft] 
! date ( ! enactm5t ( ?is ,act4