Title 15 — Commerce and TradeRelease 119-73
§7232 Study of mandatory rotation of registered public accounting firms
Title 15 › Chapter CHAPTER 98— - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY › Subchapter SUBCHAPTER II— - AUDITOR INDEPENDENCE › § 7232
Summary
Comptroller General must study requiring rotation of registered public accounting firms (limits on how many years one firm is a company's auditor). He must report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services by 1 year after July 30, 2002.
Full Legal Text
Title 15, §7232
Commerce and Trade — Source: USLM XML via OLRC
(a)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)Not later than 1 year after July 30, 2002, 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)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.
Reference
Citations & Metadata
Citation
15 U.S.C. § 7232
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73