TITLE VII - STUDIES AND REPORTS
SEC. 701. GAO STUDY AND REPORT REGARDING CONSOLIDATION OF PUBLIC ACCOUNTING
FIRMS.
(a) STUDY REQUIRED. - The Comptroller General of the United States shall conduct
a study -
(1) to identify -
(A) the factors that have led to the consolidation of public
accounting firms since 1989 and the consequent reduction in the number of firms
capable of providing audit services to large national and multi-national business
organizations that are subject to the securities laws;
(B) the present and future impact of the condition described
in subparagraph (A) on capital formation and securities markets, both domestic
and international; and
(C) solutions to any problems identified under subparagraph
(B), including ways to increase competition and the number of firms capable
of providing audit services to large national and multinational business or
-
ganizations that are subject to the securities laws; 15
(2) of the problems, if any, faced by business organizations
that have resulted from limited competition among public accounting firms, including
-
(A) higher costs;
(B) lower quality of services;
(C) impairment of auditor independence; or
(D) lack of choice; and
(3) whether and to what extent Federal or State regulations
impede competition among public accounting firms.
(b) CONSULTATION. - In planning and conducting the study under this section,
the Comptroller General shall consult with -
(1) the Commission;
(2) the regulatory agencies that perform functions similar
to the Commission within the other member countries of the Group of Seven Industrialized
Nations;
(3) the Department of Justice; and
(4) any other public or private sector organization that the
Comptroller General considers appropriate.
(c) REPORT REQUIRED. - Not later than 1 year after the date of enactment of
this Act, the Comptroller General shall submit a report on the results of the
study required by this section to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services of the House of
Representatives.
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