July 15, 2002(Key vote)
Title: Accounting Industry Reform bill
Vote Smart's Synopsis:
Vote to pass a bill that would create the Public Company Accounting Oversight Board, provide more funding to the Securities and Exchange Commission, and implement regulations in other areas of the accounting industry.
$776 million for the Securities and Exchange Commission for fiscal year 2003.
Establishes a Public Company Accounting Oversight Board funded by fees from accounting firms and public companies that would supervise the auditing of public companies, create new audit reports and rules, and police accounting firms and accountants under the oversight of the Securities and Exchange Commission.
Prohibits public accounting firms from providing investment banking, bookkeeping, management, consulting, and other services to publicly traded companies that they audit.
Requires chief executive officers and chief financial officers to certify the accuracy of information in audits included in SEC filings.
Creates stiffer penalties for those who commit shareholder fraud and other related crimes.