Title 15 — Commerce and TradeRelease 119-73not60
§7232 Study of Mandatory Rotation of Registered Public Accounting Firms
Title 15 › Chapter 98— PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY › Subchapter II— AUDITOR INDEPENDENCE › § 7232
Summary
The Comptroller General must study the effects of requiring mandatory rotation and report to the Senate Banking, Housing, and Urban Affairs Committee and House Financial Services Committee within 1 year after July 30, 2002. Mandatory rotation means limiting how long a firm can audit an issuer.
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 3, 2026
Release point: 119-73not60