Compete Act of 2007
Latest action · Mar 14, 2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 14, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Competitive and Open Markets That Protect and Enhance the Treatment of Entrepreneurs Act of 2007, or the Compete Act of 2007 - Amends the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley) to revise requirements for the internal control assessment component of a securities issuer's annual report.
Requires the attestation and report by a registered public accounting firm on an issuer's management assessment of its internal control structure and procedures to focus upon the process and system used by management to identify and manage risks, identify and implement key controls, and come to a conclusion on the effectiveness of the internal controls over financial reporting.
Prohibits an auditor's attestation and report from including a separate (pass/fail) opinion on the effectiveness of such internal controls.
Requires such attestation and report to be performed at three-year intervals.
Prescribes standards for such attestations and reports, including a risk-based evaluation.
Permits attestations and reports to rely on examinations and inspections by federal and state regulatory agencies.
Instructs the Securities and Exchange Commission (SEC) to develop a standard of materiality for such assessments and reports based upon the relationship of the internal control to the reasonably possible effects on the financial statements of the issuer, and its significance to the overall financial status of the issuer.
Exempts a smaller public company from the requirements for management assessment of internal controls, unless it voluntarily elects to comply with them.
Directs the SEC and the Public Company Accounting Oversight Board to jointly conduct studies: (1) examining the lack of, and impediments to, robust competition for the performance of audits for issuers; and (2) comparing and contrasting the principles-based Turnbull Guidance under the British securities laws to the implementation of section 404 of Sarbanes-Oxley (concerning management assessment of internal controls).
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Mar 14, 2007 to Mar 19, 2007; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Mel Martinez | Original | Mar 14, 2007 |
| R-NV | John Ensign | Mar 19, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Mar 14, 2007 |
Actions 2
Everything that happened, newest first.
- Mar 14, 2007Introduced in Senate
- Mar 14, 2007Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1508 | Compete Act of 2007 | Related bill | Mar 13, 2007 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to reform certain provisions of section 404 of the Sarbanes-Oxley Act of 2002, to make compliance with that section more efficient, with the goal of maintaining United States capital market global competitiveness.
- Short Titles as Introduced
- Competitive and Open Markets That Protect and Enhance the Treatment of Entrepreneurs Act of 2007
- Compete Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accounting
- Auditing
- Commerce
- Competition
- Conflict of interests
- Congress
- Congressional reporting requirements
- Corporate finance
- Corporation reports
- Europe
- Finance and Financial Sector
- Financial statements
- Governmental investigations
- Information disclosure (Securities law)
- Investors
- Legislation
- Securities regulation
- Small business
- Standards
- United Kingdom
Text 1
Each version as it was printed, newest first.
- Mar 14, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
