PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Congressional Research Service
Version 00 · Introduced in House · Nov 21, 2003
Auditor Independence and Tax Shelters Act - Amends the Securities Exchange Act of 1934 governing audit requirements to prohibit a registered public accounting firm (or associated person) from providing services to an issuer of securities, or an officer or director of an issuer, to design, organize, promote, assist, or execute any investment, entity, plan, arrangement, or transaction for which a significant purpose is the avoidance or evasion of Federal income tax (tax shelter), and for which the firm may receive fees exceeding $100,000 in the aggregate.
Requires the audit committee of an issuer, before pre-approving a non-audit service not otherwise prohibited, to determine whether a reasonable likelihood exists that such service would impair the accounting firm's independence. Prohibits the audit committee from providing advance approval of such a service if a reasonable likelihood of impairment does exist.
People & committees
Rep. Emanuel, Rahm [D-IL-5] · D–IL
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Sponsor introductory remarks on measure. (CR E2440-2441)
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 18, 2025. Consult Congress.gov for the current record.
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