Sarbanes Oxley Act Section 102

 

SEC. 102. REGISTRATION WITH THE BOARD.
 
(a) MANDATORY REGISTRATION.—
Beginning 180 days after the date of the determination
of the Commission under section 101(d),
it shall be unlawful for any person that is not a registered public
accounting firm to prepare or issue, or to participate in the preparation
or issuance of, any audit report with respect to any issuer.
 
(b) APPLICATIONS FOR REGISTRATION.—
(1) FORM OF APPLICATION.—A public accounting firm shall
use such form as the Board may prescribe, by rule, to apply
for registration under this section.
 
(2) CONTENTS OF APPLICATIONS.—Each public accounting
firm shall submit, as part of its application for registration,
in such detail as the Board shall specify—
 
(A) the names of all issuers for which the firm prepared
or issued audit reports during the immediately preceding
calendar year, and for which the firm expects to prepare
or issue audit reports during the current calendar year;
 
(B) the annual fees received by the firm from each
such issuer for audit services, other accounting services,
and non-audit services, respectively;
 
(C) such other current financial information for the
most recently completed fiscal year of the firm as the
Board may reasonably request;
 
(D) a statement of the quality control policies of the
firm for its accounting and auditing practices;
 
(E) a list of all accountants associated with the firm
who participate in or contribute to the preparation of audit
reports, stating the license or certification number of each
such person, as well as the State license numbers of the
firm itself;
 
(F) information relating to criminal, civil, or administrative
actions or disciplinary proceedings pending against
the firm or any associated person of the firm in connection
with any audit report;
 
(G) copies of any periodic or annual disclosure filed
by an issuer with the Commission during the immediately
preceding calendar year which discloses accounting disagreements
between such issuer and the firm in connection
with an audit report furnished or prepared by the firm
for such issuer; and
 
(H) such other information as the rules of the Board
or the Commission shall specify as necessary or appropriate
in the public interest or for the protection of investors.
 
(3) CONSENTS.—Each application for registration under this
subsection shall include—
 
(A) a consent executed by the public accounting firm
to cooperation in and compliance with any request for
testimony or the production of documents made by the
Board in the furtherance of its authority and responsibilities
under this title (and an agreement to secure and
enforce similar consents from each of the associated persons
of the public accounting firm as a condition of their continued
employment by or other association with such firm); and
 
(B) a statement that such firm understands and agrees
that cooperation and compliance, as described in the consent
required by subparagraph (A), and the securing and
enforcement of such consents from its associated persons,
in accordance with the rules of the Board, shall be a
condition to the continuing effectiveness of the registration
of the firm with the Board.
 
(c) ACTION ON APPLICATIONS.—
(1) TIMING.—The Board shall approve a completed application
for registration not later than 45 days after the date
of receipt of the application, in accordance with the rules of
the Board, unless the Board, prior to such date, issues a written
notice of disapproval to, or requests more information from,
the prospective registrant.
 
(2) TREATMENT.—A written notice of disapproval of a completed
application under paragraph (1) for registration shall
be treated as a disciplinary sanction for purposes of sections
105(d) and 107(c).
 
(d) PERIODIC REPORTS.—Each registered public accounting firm
shall submit an annual report to the Board, and may be required
contained in its application for registration under this section, and
to provide to the Board such additional information as the Board
or the Commission may specify, in accordance with subsection (b)(2).
 
(e) PUBLIC AVAILABILITY.—Registration applications and annual
reports required by this subsection, or such portions of such applications
or reports as may be designated under rules of the Board,
shall be made available for public inspection, subject to rules of
the Board or the Commission, and to applicable laws relating to
the confidentiality of proprietary, personal, or other information
contained in such applications or reports, provided that, in all
events, the Board shall protect from public disclosure information
reasonably identified by the subject accounting firm as proprietary
information.
 
(f) REGISTRATION AND ANNUAL FEES.—The Board shall assess and collect a registration fee and an annual fee from each registered public accounting firm, in amounts that are sufficient to recover the costs of processing and reviewing
applications and annual reports. 
 

 

   

 

 

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