U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 15Chapter 98Subchapter I
§ 7216.
Foreign public accounting firms
(a)
Applicability to certain foreign firms
(1)
In general
(2)
Board authority
(b)
Production of documents
(1)
Production by foreign firms
If a foreign public accounting firm performs material services upon which a registered public accounting firm relies in the conduct of an audit or interim review, issues an audit report, performs audit work, or conducts interim reviews, the foreign public accounting firm shall—
(A)
produce the audit work papers of the foreign public accounting firm and all other documents of the firm related to any such audit work or interim review to the Commission or the Board, upon request of the Commission or the Board; and
(B)
be subject to the jurisdiction of the courts of the United States for purposes of enforcement of any request for such documents.
(2)
Other production
Any registered public accounting firm that relies, in whole or in part, on the work of a foreign public accounting firm in issuing an audit report, performing audit work, or conducting an interim review, shall—
(A)
produce the audit work papers of the foreign public accounting firm and all other documents related to any such work in response to a request for production by the Commission or the Board; and
(B)
secure the agreement of any foreign public accounting firm to such production, as a condition of the reliance by the registered public accounting firm on the work of that foreign public accounting firm.
(c)
Exemption authority
(d)
Service of requests or process
(1)
In general
(2)
Specific audit work
(e)
Sanctions
(f)
Other means of satisfying production obligations
(g)
Definition
(Pub. L. 107–204, title I, § 106, July 30, 2002, 116 Stat. 764; Pub. L. 111–203, title IX, §§ 929J, 982(g), July 21, 2010, 124 Stat. 1859, 1930.)
cite as: 15 USC 7216
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