http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_1780.html?rev=6744 <p>H.R. 1780 would improve the implementation of section 404 of the Sarbanes-Oxley Act of 2002.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Small Business Securities Protection Act - Amends the Sarbanes-Oxley Act of 2002 to instruct the Securities and Exchange Commission to prescribe rules that incorporate risk-based concepts in evaluating internal control over financial reporting for issuers.</p> <p>Requires such rules also to incorporate: (1) specific guidelines for measuring the terms &quot;material,&quot; &quot;reasonable,&quot; &quot;significant,&quot; and &quot;sufficient&quot; in the context of internal control over financial reporting; (2) a requirement that the Public Company Accounting Oversight Board consider the efficiency of audit practices in its inspections; (3) alternative requirements for smaller issuers that reflect the relative size and complexity of smaller issuers, and the relative financial and manpower burdens placed on them in testing and documenting internal controls; and (4) revised standards for independence by auditors to permit the rendering of internal control advice for resolution of internal control issues and related liability safe harbors for auditors providing such advice to smaller issuers.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 3/29/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 6744@http://www.washingtonwatch.com Thu, 02 Aug 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_1780.html?rev=6745 <p>H.R. 1780 would improve the implementation of section 404 of the Sarbanes-Oxley Act of 2002.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Small Business Securities Protection Act - Amends the Sarbanes-Oxley Act of 2002 to instruct the Securities and Exchange Commission to prescribe rules that incorporate risk-based concepts in evaluating internal control over financial reporting for issuers.</p> <p>Requires such rules also to incorporate: (1) specific guidelines for measuring the terms &amp;quot;material,&amp;quot; &amp;quot;reasonable,&amp;quot; &amp;quot;significant,&amp;quot; and &amp;quot;sufficient&amp;quot; in the context of internal control over financial reporting; (2) a requirement that the Public Company Accounting Oversight Board consider the efficiency of audit practices in its inspections; (3) alternative requirements for smaller issuers that reflect the relative size and complexity of smaller issuers, and the relative financial and manpower burdens placed on them in testing and documenting internal controls; and (4) revised standards for independence by auditors to permit the rendering of internal control advice for resolution of internal control issues and related liability safe harbors for auditors providing such advice to smaller issuers.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 3/29/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 6745@http://www.washingtonwatch.com Thu, 02 Aug 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_1780.html 7/19/2007: Senate committee/subcommittee actions. Status: Committee on Commerce, Science, and Transportation. Ordered to be reported without amendment favorably. 27754@http://www.washingtonwatch.com Thu, 19 Jul 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_1780.html 3/29/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services. 19371@http://www.washingtonwatch.com Thu, 29 Mar 2007 00:00:00 EDT