,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #idaj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #b1 #bjbb,mr4
 ,mc,henry introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to require auditor
 indep5d5ce /&>ds ( ! ,public ,company  
,acc\nt+ ,ov]sight ,bo>d & ! ,securities
 & ,ex*ange ,commission applicable to   
pa/ audits ( a company occurr+ be=e x 0 
a public company to treat an auditor z  
indep5d5t if ! auditor meets e/abli%$   
pr(essional /&>ds1 & = o!r purposes4    
#a4 ,auditor indep5d5ce = c]ta9 pa/     
audits occurr+ be=e an issu] is a public
 company  7a7 ,auditor indep5d5ce /&>ds 
( ! ,public ,company ,acc\nt+ ,ov]sight 
,bo>d ,section #ajc ( ! ,s>banes-,oxley 
,act ( #bjjb 7#ae ,u4,s4,c4 #gbac7 is   
am5d$ by add+ at ! end ! foll[+3  7e7   
,auditor indep5d5ce = c]ta9 pa/ audits  
occurr+ be=e an issu] is a public       
company ,) respect to an issu] t is a   
public company or an issu] t has fil$ a 
regi/ration /atem5t to become a public  

company1 ! auditor indep5d5ce rules     
e/abli%$ by ! ,bo>d ) respect to audits 
occurr+ be=e ! la/ fiscal ye> ( ! issu] 
complet$ be=e ! issu] fil$ a regi/ration
 /atem5t to become a public company %all
 treat an auditor z indep5d5t if-- 7#a7 
! auditor is indep5d5t "u /&>ds e/abli%$
 by ! ,am]ican ,in/itute ( ,c]tifi$     
,public ,acc\ntants applicable to       
c]tifi$ public acc\ntants 9 ,unit$      
,/ates2 or  7#b7 ) respect to a =eign   
issu]1 ! auditor is indep5d5t "u        
comp>able /&>ds applicable to c]tifi$   
public acc\ntants 9 ! issu]'s home      
c\ntry4  4  7b7 ,auditor indep5d5ce     
/&>ds ( ! ,securities & ,ex*ange        
,commission ,section #aj;,a ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;j-#a7 is am5d$ by add+ at 
! end ! foll[+3  7n7 ,auditor indep5d5ce
 = c]ta9 pa/ audits occurr+ be=e an     
issu] is a public company ,) respect to 
an issu] t is a public company or an    
issu] t has fil$ a regi/ration /atem5t  
to become a public company1 ! auditor   

indep5d5ce rules e/abli%$ by !          
,commission "u ! securities laws )      
respect to audits occurr+ be=e ! la/    
fiscal ye> ( ! issu] complet$ be=e !    
issu] fil$ a regi/ration /atem5t to     
become a public company %all treat an   
auditor z indep5d5t if-- 7#a7 ! auditor 
is indep5d5t "u /&>ds e/abli%$ by !     
,am]ican ,in/itute ( ,c]tifi$ ,public   
,acc\ntants applicable to c]tifi$ public
 acc\ntants 9 ,unit$ ,/ates2 or  7#b7 ) 
respect to a =eign issu]1 ! auditor is  
indep5d5t "u comp>able /&>ds applicable 
to c]tifi$ public acc\ntants 9 ! issu]'s
 home c\ntry4  4