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15 U.S.C. § 7233 — Exemption authority
Federal law — U.S. Code and appendices · legal_authorities
The Board may, on a case by case basis, exempt any person, issuer, public accounting firm, or transaction from the prohibition on the provision of services under [section 78j–1(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78j–1/g&num=0&edition=prelim), to the extent that such exemption is necessary or appropriate in the public interest and is consistent with the protection of investors, and subject to review by the Commission in the same manner as for rules of the Board under [section 7217 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7217&num=0&edition=prelim).
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Stable record: federal_law:legal_authorities:record_usc_3ae58795051acce2a28aeb0b
Source file: Laws/federal/codes/united-states-code/title-15/section-7233-exemption-authority--b4b8cc54a4.md
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Source location: Title 15, Chapter 98, § 7233; chapter-098-public-company-accounting-reform-and-corporate-responsibility.md
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The Board may, on a case by case basis, exempt any person, issuer, public accounting firm, or transaction from the prohibition on the provision of services under [section 78j–1(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78j–1/g&num=0&edition=prelim), to the extent that such exemption is necessary or appropriate in the public interest and is consistent with the protection of investors, and subject to review by the Commission in the same manner as for rules of the Board under [section 7217 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7217&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Page 2337
TITLE 15—COMMERCE AND TRADE
§ 7241
(Pub. L. 107–204, title I, § 110, as added Pub. L.
111–203, title IX, § 982(a)(1), July 21, 2010, 124 Stat.
1927.)
Editorial Notes
REFERENCES IN TEXT
Section 77s(b) of this title, as amended by this Act,
referred to in par. (5)(A)(i), means section 77s(b) of this
title, as amended by Pub. L. 107–204.
Title II, referred to in par. (5)(B), means title II of
Pub. L. 107–204, July 30, 2002, 116 Stat. 771, which en-
acted subchapter II of this chapter and amended sec-
tions 78c, 78j–1, 78l and 78q of this title. For complete
classification of title II to the Code, see Tables.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective 1 day after July 21, 2010, except as
otherwise provided, see section 4 of Pub. L. 111–203, set
out as a note under section 5301 of Title 12, Banks and
Banking.
SUBCHAPTER II—AUDITOR INDEPENDENCE
§ 7231. Exemption authority
The Board may, on a case by case basis, ex-
empt any person, issuer, public accounting firm,
or transaction from the prohibition on the pro-
vision of services under section 78j–1(g) of this
title, to the extent that such exemption is nec-
essary or appropriate in the public interest and
is consistent with the protection of investors,
and subject to review by the Commission in the
same manner as for rules of the Board under sec-
tion 7217 of this title.
(Pub. L. 107–204, title II, § 201(b), July 30, 2002, 116
Stat. 772.)
§ 7232. Study of mandatory rotation of registered
public accounting firms
(a) Study and review required
The Comptroller General of the United States
shall conduct a study and review of the poten-
tial effects of requiring the mandatory rotation
of registered public accounting firms.
(b) Report required
Not later than 1 y
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 7233
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