Sarbanes-oxley act of 2002

15 Sec. 
104 
SARBANES-OXLEY ACT OF 2002 
(2) B
OARD RESPONSES
.—The Board shall respond in a time-
ly fashion to requests from designated professional groups of 
accountants and advisory groups referred to in paragraph (1) 
for any changes in standards over which the Board has author-
ity. 
(d) E
VALUATION OF
S
TANDARD
S
ETTING
P
ROCESS
.—The Board 
shall include in the annual report required by section 101(h) the 
results of its standard setting responsibilities during the period to 
which the report relates, including a discussion of the work of the 
Board with any designated professional groups of accountants and 
advisory groups described in paragraphs (3)(A) and (4) of sub-
section (a), and its pending issues agenda for future standard set-
ting projects. 
SEC. 104. ø15 U.S.C. 7214¿ INSPECTIONS OF REGISTERED PUBLIC AC-
COUNTING FIRMS. 
(a) I
N
G
ENERAL
.— 
(1) I
NSPECTIONS GENERALLY
.—The Board shall conduct a 
continuing program of inspections to assess the degree of com-
pliance of each registered public accounting firm and associ-
ated persons of that firm with this Act, the rules of the Board, 
the rules of the Commission, or professional standards, in con-
nection with its performance of audits, issuance of audit re-
ports, and related matters involving issuers. 
(2) I
NSPECTIONS
OF
AUDIT
REPORTS
FOR
BROKERS
AND
DEALERS
.— 
(A) The Board may, by rule, conduct and require a 
program of inspection in accordance with paragraph (1), on 
a basis to be determined by the Board, of registered public 
accounting firms that provide one or more audit reports for 
a broker or dealer. The Board, in establishing such a pro-
gram, may allow for differentiation among classes of bro-
kers and dealers, as appropriate. 
(B) If the Board determines to establish a program of 
inspection pursuant to subparagraph (A), the Board shall 
consider in establishing any inspection schedules whether 
differing schedules would be appropriate with respect to 
registered public accounting firms that issue audit reports 
only for one or more brokers or dealers that do not receive, 
handle, or hold customer securities or cash or are not a 
member of the Securities Investor Protection Corporation. 
(C) Any rules of the Board pursuant to this paragraph 
shall be subject to prior approval by the Commission pur-
suant to section 107(b) before the rules become effective, 
including an opportunity for public notice and comment. 
(D) Notwithstanding anything to the contrary in sec-
tion 102 of this Act, a public accounting firm shall not be 
required to register with the Board if the public accounting 
firm is exempt from the inspection program which may be 
established by the Board under subparagraph (A). 
(b) I
NSPECTION
F
REQUENCY
.— 
(1) I
N GENERAL
.—Subject to paragraph (2), inspections re-
quired by this section shall be conducted— 
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December 21, 2020 
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As Amended Through P.L. 116-222, Enacted December 18, 2020

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