Compete Act of 2009
Latest action · Mar 30, 2009 Referred to the House Committee on Financial Services.
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 30, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Compete Act of 2009 - Amends the Sarbanes-Oxley Act of 2002 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 whether the internal control has a material effect on the company's financial statements and is significant to the issuer's overall financial status.
Exempts a smaller public company from the requirements for management assessment of internal controls, unless it voluntarily elects to comply with them.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 30, 2009 |
Actions 2
Everything that happened, newest first.
- Mar 30, 2009Introduced in House
- Mar 30, 2009Referred to the House Committee on Financial Services.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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
- Compete Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Mar 30, 2009Introduced in House
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.
