H.R.1564: Audit Integrity and Job Protection Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Robert Hurt, R-Va.
Total Cosponsors 13 (5 Democrats, 8 Republicans)
Introduced April 15, 2013
Latest Major Action July 9, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

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...

(Source: Congressional Research Service)

Bill Actions

Date Description
July 9, 2013 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
July 8, 2013 Motion to reconsider laid on the table Agreed to without objection.
July 8, 2013

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)

July 8, 2013 Considered as unfinished business. (consideration: CR H4186-4187)
July 8, 2013 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.
July 8, 2013 DEBATE - The House proceeded with forty minutes of debate on H.R. 1564.
July 8, 2013 Considered under suspension of the rules. (consideration: CR H4182-4184)
July 8, 2013 Mr. Hurt moved to suspend the rules and pass the bill, as amended.
July 8, 2013 Placed on the Union Calendar, Calendar No. 103.
July 8, 2013 Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.
June 19, 2013 Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.
June 19, 2013 Committee Consideration and Mark-up Session Held.
May 23, 2013 Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
April 15, 2013 Referred to the House Committee on Financial Services.