Declares that officers, employees, and other Bureau personnel shall not be responsible to or subject to the supervision or direction of Commission personnel. Prohibits Bureau employees from receiving employment or compensation from an issuer audited by the Bureau, or any accountant that provides audit-related services to a Bureau-audited issuer, for ten years after employment with the Bureau.
Requires the SEC to establish standards for such audits, incorporating generally accepted auditing standards in effect on the enactment of this Act, with any necessary and appropriate modifications.
Directs the SEC to assess and collect a fee from each reporting issuer whose financial statements are audited by the Bureau.