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SEC. 207.
STUDY OF MANDATORY ROTATION OF REGISTERED
PUBLIC
ACCOUNTING
FIRMS.
(a) STUDY AND REVIEW
REQUIRED.—The Comptroller General
of the United
States shall conduct a study and review of the
potential
effects of requiring the mandatory rotation of
registered
public
accounting firms.
(b) REPORT REQUIRED.—Not
later than 1 year after the date
of enactment
of this Act, the Comptroller General shall
submit
a report to
the Committee on Banking, Housing, and Urban
Affairs
of the Senate
and the Committee on Financial Services of the
House of
Representatives on the results of the study
and review
required by
this section.
(c) DEFINITION.—For
purposes of this section, the term ‘‘mandatory
rotation’’
refers to the imposition of a limit on the
period
of years in
which a particular registered public
accounting firm
may be the
auditor of record for a particular issuer.
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