Sarbanes Oxley Act Section 205

 

SEC. 205. CONFORMING AMENDMENTS.
 
(a) DEFINITIONS.—Section 3(a) of the Securities Exchange Act
of 1934 (15 U.S.C. 78c(a)) is amended by adding at the end the
following:
 
‘‘(58) AUDIT COMMITTEE.—The term ‘audit committee’
means—
 
‘‘(A) a committee (or equivalent body) established by
and amongst the board of directors of an issuer for the
purpose of overseeing the accounting and financial
reporting processes of the issuer and audits of the financial
statements of the issuer; and
 
‘‘(B) if no such committee exists with respect to an
issuer, the entire board of directors of the issuer.
 
‘‘(59) REGISTERED PUBLIC ACCOUNTING FIRM.—The term
‘registered public accounting firm’ has the same meaning as
in section 2 of the Sarbanes-Oxley Act of 2002.’’.
 
(b) AUDITOR REQUIREMENTS.—Section 10A of the Securities
Exchange Act of 1934 (15 U.S.C. 78j–1) is amended—
 
(1) by striking ‘‘an independent public accountant’’ each
place that term appears and inserting ‘‘a registered public
accounting firm’’;
 
(2) by striking ‘‘the independent public accountant’’ each
place that term appears and inserting ‘‘the registered public
accounting firm’’;
 
(3) in subsection (c), by striking ‘‘No independent public
accountant’’ and inserting ‘‘No registered public accounting
firm’’; and
 
(4) in subsection (b)—
 
(A) by striking ‘‘the accountant’’ each place that term
appears and inserting ‘‘the firm’’;
 
(B) by striking ‘‘such accountant’’ each place that term
appears and inserting ‘‘such firm’’; and
 
(C) in paragraph (4), by striking ‘‘the accountant’s
report’’ and inserting ‘‘the report of the firm’’.
 
(c) OTHER REFERENCES.—The Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.) is amended—
 
(1) in section 12(b)(1) (15 U.S.C. 78l(b)(1)), by striking
‘‘independent public accountants’’ each place that term appears
and inserting ‘‘a registered public accounting firm’’; and
 
(2) in subsections (e) and (i) of section 17 (15 U.S.C. 78q),
by striking ‘‘an independent public accountant’’ each place that
term appears and inserting ‘‘a registered public accounting
firm’’.
 
(d) CONFORMING AMENDMENT.—Section 10A(f) of the Securities
Exchange Act of 1934 (15 U.S.C. 78k(f)) is amended—
 
(1) by striking ‘‘DEFINITION’’ and inserting ‘‘DEFINITIONS’’; and
 
(2) by adding at the end the following: ‘‘As used in this
section, the term ‘issuer’ means an issuer (as defined in section
3), the securities of which are registered under section 12,
or that is required to file reports pursuant to section 15(d),
or that files or has filed a registration statement that has
not yet become effective under the Securities Act of 1933 (15
U.S.C. 77a et seq.), and that it has not withdrawn.’’.

 

 
   

 

 

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