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15 U.S.C. § 7214 — Registration with the Board

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7214 — Registration with the Board

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Stable record: federal_law:legal_authorities:record_usc_264ac642c63603a6f2a2708a
Source file: Laws/federal/codes/united-states-code/title-15/section-7214-registration-with-the-board--2a7aca8ae5.md
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Source location: Title 15, Chapter 98, § 7214; chapter-098-public-company-accounting-reform-and-corporate-responsibility.md

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**(a) Mandatory registration** It shall be unlawful for any person that is not a registered public accounting firm to prepare or issue, or to participate in the preparation or issuance of, any audit report with respect to any issuer, broker, or dealer. **(b) Applications for registration** (1) **Form of application** — A public accounting firm shall use such form as the Board may prescribe, by rule, to apply for registration under this section. (2) **Contents of applications** — Each public accounting firm shall submit, as part of its application for registration, in such detail as the Board shall specify— (A) the names of all issuers, brokers, and dealers for which the firm prepared or issued audit reports during the immediately preceding calendar year, and for which the firm expects to prepare or issue audit reports during the current calendar year; (B) the annual fees received by the firm from each such issuer, broker, or dealer for audit services, other accounting services, and non-audit services, respectively; (C) such other current financial information for the most recently completed fiscal year of the firm as the Board may reasonably request; (D) a statement of the quality control policies of the firm for its accounting and auditing practices; (E) a list of all accountants associated with the firm who participate in or contribute to the preparation of audit reports, stating the license or certification number of each such person, as well as the State license numbers of the firm itself; (F) information relating to criminal, civil, or administrative actions or disciplinary proceedings pending against the firm or any associated person of the firm in connection with any audit report; (G) copies of any periodic or annual disclosure filed by an issuer, broker, or dealer with the Commission during the immediately preceding calendar year which discloses accounting disagreements between such issuer, broker, or dealer and the firm in connection with an audit report furnished or prepared by the firm for such issuer, broker, or dealer; and (H) such other information as the rules of the Board or the Commission shall specify as necessary or appropriate in the public interest or for the protection of investors. (3) **Consents** — Each application for registration under this subsection shall include— (A) a consent executed by the public accounting firm to cooperation in and compliance with any request for testimony or the production of documents made by the Board in the furtherance of its authority and responsibilities under this subchapter (and an agreement to secure and enforce similar consents from each of the associated persons of the public accounting firm as a condition of their continued employment by or other association with such firm); and (B) a statement that such firm understands and agrees that cooperation and compliance, as described in the consent required by subparagraph (A), and the securing and enforcement of such consents from its associated persons, in accordance with the rules of the Board, shall be a condition to the continuing effectiveness of the registration of the firm with the Board. **(c) Action on applications** (1) **Timing** — The Board shall approve a completed application for registration not later than 45 days after the date of receipt of the application, in accordance with the rules of the Board, unless the Board, prior to such date, issues a written notice of disapproval to, or requests more information from, the prospective registrant. (2) **Treatment** — A written notice of disapproval of a completed application under paragraph (1) for registration shall be treated as a disciplinary sanction for purposes of sections 7215(d) and 7217(c) of this title. **(d) Periodic reports** Each registered public accounting firm shall submit an annual report to the Board, and may be required to report more frequently, as necessary to update the information contained in its application for registration under this section, and to provide to the Board such additional information as the Board or the Commission may specify, in accordance with subsection (b)(2). **(e) Public availability** Registration applications and annual reports required by this subsection, or such portions of such applications or reports as may be designated under rules of the Board, shall be made available for public inspection, subject to rules of the Board or the Commission, and to applicable laws relating to the confidentiality of proprietary, personal, or other information contained in such applications or reports, provided that, in all events, the Board shall protect from public disclosure information reasonably identified by the subject accounting firm as proprietary information. **(f) Registration and annual fees** The Board shall assess and collect a registration fee and an annual fee from each registered public accounting firm, in amounts that are sufficient to recover the costs of processing and reviewing applications and annual reports.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5301 — Regulations

**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter. **(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7211 — Definitions

Except as otherwise specifically provided in this Act, in this Act, the following definitions shall apply: (1) **Appropriate State regulatory authority** — The term “appropriate State regulatory authority” means the State agency or other authority responsible for the licensure or other regulation of the practice of accounting in the State or States having jurisdiction over a registered public accounting firm or associated person thereof, with respect to the matter in question. (2) **Audit** — The term “audit” means an examination of the financial statements of any issuer by an independent public accounting firm in accordance with the rules of the Board or the Commission (or, for the period preceding the adoption of applicable rules of the Board under [section 7213 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7213&num=0&edition=prelim), in accordance with then-applicable generally accepted auditing and related standards for such purposes), for the purpose of expressing an opinion on such statements. (3) **Audit committee** — The term “audit committee” means— (A) a committee (or equivalent body) established by and amongst the board of directors of an issuer for the purpose of overseeing the accounting and financial reporting processes of the issuer and audits of the financial statements of the issuer; and (B) if no such committee exists with respect to an issuer, the entire board of directors of the issuer. (4) **Audit report** — The term “audit report” means a document or other record— (A) prepared following an audit performed for purposes of compliance by an issuer with the requirements of the securities laws; and (B) in which a public accounting firm either— (i) sets forth the opinion of that firm regar

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7213 — Establishment; administrative provisions

**(a) Establishment of Board** There is established the Public Company Accounting Oversight Board, to oversee the audit of companies that are subject to the securities laws, and related matters, in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The Board shall be a body corporate, operate as a nonprofit corporation, and have succession until dissolved by an Act of Congress. **(b) Status** The Board shall not be an agency or establishment of the United States Government, and, except as otherwise provided in this Act, shall be subject to, and have all the powers conferred upon a nonprofit corporation by, the District of Columbia Nonprofit Corporation Act. No member or person employed by, or agent for, the Board shall be deemed to be an officer or employee of or agent for the Federal Government by reason of such service. **(c) Duties of the Board** The Board shall, subject to action by the Commission under [section 7217 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7217&num=0&edition=prelim), and once a determination is made by the Commission under subsection (d) of this section— (1) register public accounting firms that prepare audit reports for issuers, brokers, and dealers, in accordance with [section 7212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7212&num=0&edition=prelim); (2) establish or adopt, or both, by rule, auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for issuers, brokers, and dealers, in accordance with [section 7213 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-t

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7216 — Additional disclosure

**(a) Definitions** In this section— (1) the term “audit report” has the meaning given the term in [section 7201(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7201/a&num=0&edition=prelim); (2) the term “Commission” means the Securities and Exchange Commission; (3) the term “covered form”— (A) means— (i) the form described in section 249.310 of title 17, Code of Federal Regulations, or any successor regulation; and (ii) the form described in section 249.220f of title 17, Code of Federal Regulations, or any successor regulation; and (B) includes a form that— (i) is the equivalent of, or substantially similar to, the form described in clause (i) or (ii) of subparagraph (A); and (ii) a foreign issuer files with the Commission under the Securities Exchange Act of 1934 ([15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.) or rules issued under that Act; (4) the terms “covered issuer” and “non-inspection year” have the meanings given the terms in subsection (i)(1) of [section 7214 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7214&num=0&edition=prelim), as added by section 2 of this Act; and (5) the term “foreign issuer” has the meaning given the term in section 240.3b–4 of title 17, Code of Federal Regulations, or any successor regulation. **(b) Requirement** Each covered issuer that is a foreign issuer and for which, during a non-inspection year with respect to the covered issuer, a registered public accounting firm described in subsection (i)(2)(A) of [section 7214 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7214&num=0&edition=preli

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 7216

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7217 — Investigations and disciplinary proceedings

**(a) In general** The Board shall establish, by rule, subject to the requirements of this section, fair procedures for the investigation and disciplining of registered public accounting firms and associated persons of such firms. **(b) Investigations** (1) **Authority** — In accordance with the rules of the Board, the Board may conduct an investigation of any act or practice, or omission to act, by a registered public accounting firm, any associated person of such firm, or both, that may violate any provision of this Act, the rules of the Board, the provisions of the securities laws relating to the preparation and issuance of audit reports and the obligations and liabilities of accountants with respect thereto, including the rules of the Commission issued under this Act, or professional standards, regardless of how the act, practice, or omission is brought to the attention of the Board. (2) **Testimony and document production** — In addition to such other actions as the Board determines to be necessary or appropriate, the rules of the Board may— (A) require the testimony of the firm or of any person associated with a registered public accounting firm, with respect to any matter that the Board considers relevant or material to an investigation; (B) require the production of audit work papers and any other document or information in the possession of a registered public accounting firm or any associated person thereof, wherever domiciled, that the Board considers relevant or material to the investigation, and may inspect the books and records of such firm or associated person to verify the accuracy of any documents or information supplied; (C) request the testimony of, and production of any document in the possession of, any other person, including any client

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7214 — Inspections of registered public account-

Page 2325 TITLE 15—COMMERCE AND TRADE § 7214 tent (including proposed drafts) of auditing, quality control, ethics, independence, or other standards required to be established under this section. (b) Independence standards and rules The Board shall establish such rules as may be necessary or appropriate in the public interest or for the protection of investors, to implement, or as authorized under, title II of this Act. (c) Cooperation with designated professional groups of accountants and advisory groups (1) In general The Board shall cooperate on an ongoing basis with professional groups of accountants designated under subsection (a)(3)(A) and advi- sory groups convened under subsection (a)(4) in the examination of the need for changes in any standards subject to its authority under subsection (a), recommend issues for inclusion on the agendas of such designated professional groups of accountants or advisory groups, and take such other steps as it deems appropriate to increase the effectiveness of the standard setting process. (2) Board responses The Board shall respond in a timely fashion to requests from designated professional groups of accountants and advisory groups re- ferred to in paragraph (1) for any changes in standards over which the Board has authority. (d) Evaluation of standard setting process The Board shall include in the annual report required by section 7211(h) of this title the re- sults of its standard setting responsibilities dur- ing the period to which the report relates, in- cluding a discussion of the work of the Board with any designated professional groups of ac- countants and advisory groups described in paragraphs (3)(A) and (4) of subsection (a), and its pending issues agenda for future standard setti

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