To amend the Securities Exchange Act of 1934 to impose additional fraud detection and disclosure obligations on auditors of public companies.
Financial Fraud Detection and Disclosure Act - Amends the Securities Exchange Act of 1934 to include within statutorily mandated audit requirements specified fraud detection and disclosure procedures to be followed by an independent public accountant. Precludes auditor liability in a private action.
Authorizes the Securities and Exchange Commission to impose civil penalties for willful violations of this Act by an independent public accountant.
Laid on the table. See S. 2266 for further action.
Introduced in House
Introduced in House
Referred to the House Committee on Energy and Commerce.
Referred to the Subcommittee on Telecommunications and Finance.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended).
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
For Further Action See H.R.5726.
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 102-890.
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 102-890.
Placed on the Union Calendar, Calendar No. 506.
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