Sarbanes-oxley act of 2002



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COMPS-1883

14 
Sec. 103 
SARBANES-OXLEY ACT OF 2002 
(ii) notwithstanding clause (i), shall retain full au-
thority to modify, supplement, revise, or subsequently 
amend, modify, or repeal, in whole or in part, any por-
tion of any statement described in clause (i). 
(B) I
NITIAL AND TRANSITIONAL STANDARDS
.—The Board 
shall adopt standards described in subparagraph (A)(i) as 
initial or transitional standards, to the extent the Board 
determines necessary, prior to a determination of the Com-
mission under section 101(d), and such standards shall be 
separately approved by the Commission at the time of that 
determination, without regard to the procedures required 
by section 107 that otherwise would apply to the approval 
of rules of the Board. 
(C) T
RANSITION PERIOD FOR EMERGING GROWTH COMPA
-
NIES
.—Any rules of the Board requiring mandatory audit 
firm rotation or a supplement to the auditor’s report in 
which the auditor would be required to provide additional 
information about the audit and the financial statements 
of the issuer (auditor discussion and analysis) shall not 
apply to an audit of an emerging growth company, as de-
fined in section 3 of the Securities Exchange Act of 1934. 
Any additional rules adopted by the Board after the date 
of enactment of this subparagraph shall not apply to an 
audit of any emerging growth company, unless the Com-
mission determines that the application of such additional 
requirements is necessary or appropriate in the public in-
terest, after considering the protection of investors and 
whether the action will promote efficiency, competition, 
and capital formation. 
(4) A
DVISORY GROUPS
.—The Board shall convene, or au-
thorize its staff to convene, such expert advisory groups as may 
be appropriate, which may include practicing accountants and 
other experts, as well as representatives of other interested 
groups, subject to such rules as the Board may prescribe to 
prevent conflicts of interest, to make recommendations con-
cerning the content (including proposed drafts) of auditing, 
quality control, ethics, independence, or other standards re-
quired to be established under this section. 
(b) I
NDEPENDENCE
S
TANDARDS AND
R
ULES
.—The Board shall 
establish such rules as may be necessary or appropriate in the pub-
lic interest or for the protection of investors, to implement, or as 
authorized under, title II of this Act. 
(c) C
OOPERATION
W
ITH
D
ESIGNATED
P
ROFESSIONAL
G
ROUPS OF
A
CCOUNTANTS AND
A
DVISORY
G
ROUPS
.— 
(1) I
N GENERAL
.—The Board shall cooperate on an ongoing 
basis with professional groups of accountants designated under 
subsection (a)(3)(A) and advisory groups convened under sub-
section (a)(4) in the examination of the need for changes in any 
standards subject to its authority under subsection (a), rec-
ommend issues for inclusion on the agendas of such designated 
professional groups of accountants or advisory groups, and 
take such other steps as it deems appropriate to increase the 
effectiveness of the standard setting process. 
VerDate Mar 15 2010 
18:34 Dec 21, 2020
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December 21, 2020 
G:\COMP\SEC\SARBANES-OXLEY ACT OF 2002.XML
As Amended Through P.L. 116-222, Enacted December 18, 2020



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