Sarbanes-oxley act of 2002

7 Sec. 
101 
SARBANES-OXLEY ACT OF 2002 
TITLE I—PUBLIC COMPANY 
ACCOUNTING OVERSIGHT BOARD 
SEC. 101. ø15 U.S.C. 7211¿ ESTABLISHMENT; ADMINISTRATIVE PROVI-
SIONS. 
(a) E
STABLISHMENT OF
B
OARD
.—There is established the Public 
Company Accounting Oversight Board, to oversee the audit of com-
panies that are subject to the securities laws, and related matters, 
in order to protect the interests of investors and further the public 
interest in the preparation of informative, accurate, and inde-
pendent audit reports. The Board shall be a body corporate, operate 
as a nonprofit corporation, and have succession until dissolved by 
an Act of Congress. 
(b) S
TATUS
.—The Board shall not be an agency or establish-
ment of the United States Government, and, except as otherwise 
provided in this Act, shall be subject to, and have all the powers 
conferred upon a nonprofit corporation by, the District of Columbia 
Nonprofit Corporation Act. No member or person employed by, or 
agent for, the Board shall be deemed to be an officer or employee 
of or agent for the Federal Government by reason of such service. 
(c) D
UTIES OF THE
B
OARD
.—The Board shall, subject to action 
by the Commission under section 107, and once a determination is 
made by the Commission under subsection (d) of this section— 
(1) register public accounting firms that prepare audit re-
ports for issuers, brokers, and dealers, in accordance with sec-
tion 102; 
(2) establish or adopt, or both, by rule, auditing, quality 
control, ethics, independence, and other standards relating to 
the preparation of audit reports for issuers, brokers, and deal-
ers, in accordance with section 103; 
(3) conduct inspections of registered public accounting 
firms, in accordance with section 104 and the rules of the 
Board; 
(4) conduct investigations and disciplinary proceedings 
concerning, and impose appropriate sanctions where justified 
upon, registered public accounting firms and associated per-
sons of such firms, in accordance with section 105; 
(5) perform such other duties or functions as the Board (or 
the Commission, by rule or order) determines are necessary or 
appropriate to promote high professional standards among, 
and improve the quality of audit services offered by, registered 
public accounting firms and associated persons thereof, or oth-
erwise to carry out this Act, in order to protect investors, or 
to further the public interest; 
(6) enforce compliance with this Act, the rules of the 
Board, professional standards, and the securities laws relating 
to the preparation and issuance of audit reports and the obliga-
tions and liabilities of accountants with respect thereto, by reg-
istered public accounting firms and associated persons thereof; 
and 
(7) set the budget and manage the operations of the Board 
and the staff of the Board. 
VerDate Mar 15 2010 
18:34 Dec 21, 2020
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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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