Prescribes guidelines to ensure an independent source of funding for such organization.
Mandates that at least one third of the organization's appointed members: (1) represent investors and the public interest; and (2) have not recently been employed by or associated with a public accounting firm or issuer.
Amends the Securities Exchange Act of 1934 to impose upon independent public accountants a two-year ban regarding: (1) self audits if an accountant performs non-audit services for an issuer of a publicly traded security; (2) contemporaneous non-auditing services if the accountant audits and certifies a financial document; and (3) acceptance of any directorship, employment, or contract for services if the accountant participates personally and substantially in an audit leading to the certification of a financial document of an issuer of a publicly traded security (issuer).
Requires such issuers to provide all material information during the conduct of an audit. Declares it is unlawful for any director, officer, or affiliated person of such issuers to improperly influence, coerce, manipulate, or mislead any independent public accountant who audits a financial statement or report of such issuer.
Prescribes oversight guidelines to be exercised by such issuer's audit committee or its board of directors.
Permits certain three-percent beneficial shareholders to include their own proposals within proxy statements provided to security holders of an issuer.
Mandates SEC regulations to: (1) require prior shareholder approval of stock option compensation plans that do not treat such options as an expense for the purpose of ascertaining income, profit, or loss in the financial documents of the issuer; (2) ban preferential treatment of directors or officers after or in anticipation of a declaration of bankruptcy by an issuer; and (3) require prompt public disclosure of loans and loan terms made by an issuer to an officer or director.
Mandates director disclosure of items of value received by the director or the director's family.