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2012 U.S. Code
Title 15 - Commerce and Trade
Chapter 98 - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY (§§ 7201 - 7266)
Subchapter II - AUDITOR INDEPENDENCE (§§ 7231 - 7234)
Section 7232 - Study of mandatory rotation of registered public accounting firms

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Publication TitleUnited States Code, 2012 Edition, Title 15 - COMMERCE AND TRADE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 15 - COMMERCE AND TRADE
CHAPTER 98 - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY
SUBCHAPTER II - AUDITOR INDEPENDENCE
Sec. 7232 - Study of mandatory rotation of registered public accounting firms
Containssection 7232
Date2012
Laws in Effect as of DateJanuary 15, 2013
Positive LawNo
Dispositionstandard
Source CreditPub. L. 107-204, title II, §207, July 30, 2002, 116 Stat. 775.
Statutes at Large Reference116 Stat. 775
Public Law ReferencePublic Law 107-204

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AUDITOR INDEPENDENCE - 15 U.S.C. § 7232 (2012)
§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 potential effects of requiring the mandatory rotation of registered public accounting firms.

(b) Report required

Not later than 1 year after July 30, 2002, 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.

(c) 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.

(Pub. L. 107–204, title II, §207, July 30, 2002, 116 Stat. 775.)

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