Section 207 -- Study of Mandatory Rotation of Registered Public Accounting Firms
Study and Review Required. The Comptroller
General of the United States shall conduct a study and review of the potential
effects of requiring the mandatory rotation of registered public accounting
Report Required. Not later than 1 year after
the date of enactment of this Act, the Comptroller General shall submit a
report to the Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Representatives on
the results of the study and review required by this section.
Definition. For purposes of this section,
the term "mandatory rotation" refers to the imposition of a limit on the period
of years in which a particular registered public accounting firm may be the
auditor of record for a particular issuer.
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