Sarbanes-oxley act of 2002

22 
Sec. 105 
SARBANES-OXLEY ACT OF 2002 
(II) a description of the applicable information 
systems and controls of the foreign auditor over-
sight authority; and 
(III) a description of the laws and regulations 
of the foreign government of the foreign auditor 
oversight authority that are relevant to informa-
tion access; and 
(iii) the Board determines that it is appropriate to 
share such information. 
(6) I
MMUNITY
.—Any employee of the Board engaged in car-
rying out an investigation under this Act shall be immune 
from any civil liability arising out of such investigation in the 
same manner and to the same extent as an employee of the 
Federal Government in similar circumstances. 
(c) D
ISCIPLINARY
P
ROCEDURES
.— 
(1) N
OTIFICATION
; 
RECORDKEEPING
.—The rules of the 
Board shall provide that in any proceeding by the Board to de-
termine whether a registered public accounting firm, or an as-
sociated person thereof, should be disciplined, the Board 
shall— 
(A) bring specific charges with respect to the firm or 
associated person; 
(B) notify such firm or associated person of, and pro-
vide to the firm or associated person an opportunity to de-
fend against, such charges; and 
(C) keep a record of the proceedings. 
(2) P
UBLIC HEARINGS
.—Hearings under this section shall 
not be public, unless otherwise ordered by the Board for good 
cause shown, with the consent of the parties to such hearing. 
(3) S
UPPORTING
STATEMENT
.—A determination by the 
Board to impose a sanction under this subsection shall be sup-
ported by a statement setting forth— 
(A) each act or practice in which the registered public 
accounting firm, or associated person, has engaged (or 
omitted to engage), or that forms a basis for all or a part 
of such sanction; 
(B) the specific provision of this Act, the securities 
laws, the rules of the Board, or professional standards 
which the Board determines has been violated; and 
(C) the sanction imposed, including a justification for 
that sanction. 
(4) S
ANCTIONS
.—If the Board finds, based on all of the 
facts and circumstances, that a registered public accounting 
firm or associated person thereof has engaged in any act or 
practice, or omitted to act, in violation of this Act, the rules of 
the Board, the provisions of the securities laws relating to the 
preparation and issuance of audit reports and the obligations 
and liabilities of accountants with respect thereto, including 
the rules of the Commission issued under this Act, or profes-
sional standards, the Board may impose such disciplinary or 
remedial sanctions as it determines appropriate, subject to ap-
plicable limitations under paragraph (5), including— 
(A) temporary suspension or permanent revocation of 
registration under this title; 
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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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