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Changes in Company Audit Oversight: Increased SEC Control

This act transfers oversight of company audits from an independent board to the Securities and Exchange Commission (SEC). The goal is to streamline control and protect investors by ensuring financial reports are accurate and reliable. For citizens, this means potentially greater security for their stock market investments.
Key points
Oversight of company audits shifts from the Public Company Accounting Oversight Board (PCAOB) to a new Office of Public Accounting Oversight within the SEC.
The SEC will have direct control over inspections, investigations, and disciplinary proceedings for auditing firms.
These changes aim to increase transparency and accountability in financial reporting, potentially protecting investors from fraud.
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Expired
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Additional Information
Print number: 117_HR_5489
Sponsor: Rep. Huizenga, Bill [R-MI-2]
Process start date: 2021-10-05
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Streamlining Public Company Accounting Oversight Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5489.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-10-05.

What are the main provisions?

Key points include:

  • Oversight of company audits shifts from the Public Company Accounting Oversight Board (PCAOB) to a new Office of Public Accounting Oversight within the SEC.
  • The SEC will have direct control over inspections, investigations, and disciplinary proceedings for auditing firms.
  • These changes aim to increase transparency and accountability in financial reporting, potentially protecting investors from fraud.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Huizenga, Bill [R-MI-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Courts and Law