PlainBillCongress, translated.Legislation. Context. Public interest.Returned to the Calendar. Calendar No. 442.
Congressional Research Service
Version 00 · Introduced in Senate · Jun 25, 2002
Public Company Accounting Reform and Investor Protection Act of 2002 - Establishes the Public Company Accounting Oversight Board to impose sanctions upon registered public accounting firms and their associated persons. Authorizes sanctions for failure to supervise.Grants the Securities and Exchange Commission (SEC) oversight of the Board, including general modification and rescission of Board authority.Amends the Securities Act of 1933 to authorize the SEC to recognize, as "generally accepted" for purposes of the securities laws, accounting principles established by a standard setting body.Amends the Securities Exchange Act of 1934 to prohibit a public accounting firm from performing certain non-audit services contemporaneously with a mandatory audit.Mandates audit partner rotation on a five-year basis.Prohibits a public accounting firm from performing statutorily mandated audit services if its senior executives were employed by the issuer and participated in the audit of such issuer during the one-year period preceding the audit date.Vests the audit committee of an issuer with oversight authority over any public accounting firm performing audit services.Requires a chief executive officer and chief financial officer to: (1) certify the veracity of mandatory financial statements; and (2) forfeit certain bonuses and compensation received following an accounting restatement owing to noncompliance with securities laws.Prohibits insider trades during pension fund blackout periods.Mandates enhanced disclosure of: (1) material off-balance sheet transactions and relationships; (2) pro forma financial information that is not misleading, and that is reconciled with generally accepted accounting principles; and (3) loans and loan guarantees made to senior executives.Reduces the mandatory period for disclosure of changes in ownership of securities or security-based swap agreements by certain principal stockholders.Mandates SEC rules governing analyst conflicts of interest.
People & committees
Sen. Sarbanes, Paul S. [D-MD] · D–MD
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Returned to the Calendar. Calendar No. 442.
Senate vitiated previous passage.
Senate incorporated this measure in H.R. 3763 as an amendment.
Passed Senate with amendments by Yea-Nay Vote. 97 - 0. Record Vote Number: 176.
Senate roll call 176 · Individual votesPassed/agreed to in Senate: Passed Senate with amendments by Yea-Nay Vote. 97 - 0. Record Vote Number: 176.
Senate roll call 176 · Individual votesConsidered by Senate. (consideration: CR S6734-6779)
Motion by Senator McCain to recommit to Senate Committee on Aging ruled out of order in Senate. (consideration: CR S6685)
Cloture on the bill invoked in Senate by Yea-Nay Vote. 91 - 2. Record Vote Number: 173. (consideration: CR S6685)
Senate roll call 173 · Individual votesConsidered by Senate. (consideration: CR S6683-6685, S6687-6700)
Motion by Senator McCain to recommit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with an amendment (SA 4270) made in Senate. (consideration: CR S6625)
Considered by Senate. (consideration: CR S6603-6616, S6617-6633, S6636-6643)
Cloture motion on the bill presented in Senate. (consideration: CR S6559)
Considered by Senate. (consideration: CR S6524-6560)
Considered by Senate. (consideration: CR S6436-6444, S6491-6496)
Measure laid before Senate. (consideration: CR S6327-6347)
By Senator Sarbanes from Committee on Banking, Housing, and Urban Affairs filed written report under authority of the order of the Senate of 06/26/2002. Report No. 107-205. Additional views filed.
By Senator Sarbanes from Committee on Banking, Housing, and Urban Affairs filed written report under authority of the order of the Senate of 06/26/2002. Report No. 107-205. Additional views filed.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 442.
Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Sarbanes. Without written report.
Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Sarbanes. Without written report.
Introduced in Senate
Committee on Banking, Housing, and Urban Affairs ordered to be reported an original measure.
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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