Transparency and Accountability in Military and Security Contracting Act of 2007

Transparency and Accountability in Military and Security Contracting Act of 2007 - Requires reports to Congress by specified federal officials on information with respect to federal military and security contracts being performed in Iraq and Afghanistan. Requires a separate report from the Secretary of Defense on Department of Defense (DOD) strategy and activities with respect to contractors and subcontractors in support of DOD missions in Iraq, Afghanistan, and the Global War on Terror.

Requires each contract, subcontract, or task order awarded or issued by a federal agency that includes private security functions (covered contract) to require the contractor to provide to the agency contracting officer specified information, including the number of persons to perform the security functions and the hiring and training process for such employees. Requires agency oversight in the performance of the covered contract.

Directs the Chairman of the Joint Chiefs of Staff (JCS) to issue rules of engagement regarding the circumstances under which force may be used by contractor personnel performing private security functions within the area covered by a contingency operation, and the types of force authorized. Provides for: (1) hiring, training, and equipment standards relating to private security contractors; and (2) coordination and communication between U.S. Armed Forces and contractor personnel.

Provides for the legal status of contractor personnel with respect to investigations and prosecution of abuses by private security contractors.

Requires the Federal Bureau of Investigation (FBI), for each theater of operations established in connection with a contingency operation in which contract personnel are carrying out work under a covered contract, to establish a Theater Investigative Unit to investigate allegations of contractor personnel criminal misconduct.