Audit Rotation Ban Bill Passes House Committee

Law360, Chicago (June 19, 2013, 8:51 PM EDT) -- A bipartisan bill that would block the top U.S. accounting watchdog from forcing public companies to rotate their auditors moved on from a committee Wednesday to the U.S. House of Representatives.

The House Financial Services Committee voted at a hearing to advance the bill — H.R. 1564, the Audit Integrity and Job Protection Act — which was drafted after businesses lashed out against the Public Company Accounting Oversight Board's auditor rotation proposal. The bill would amend the Sarbanes-Oxley Act of 2002 to prevent the PCAOB from...
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