PUBLIC LAW 107-204-JULY 30,2002 116STAT.755 ton8nctmerppieamtnrnegaiaunaarehectoatie additional inform an report tion, d oted u er ru of thec the Commission.and to ap plicable aws relat ary, e uch ublic discl g firm as (D REGISTRATION AND ANNUAL FEES. -The board shall asses CL tion and an annual ee registere of processing and reviewing applications and annua SEC.103 AUDHEING CONTROL AND INDEPENDENCE STAND- 15USC7213 (a)Ar inch (1)INN QU STAND GE Board shall, by rul tablish sed by I or more profess UD advi uant ra standard m uch lity control standa and such firms ation and of audit orts or 2 RUIE.In carrying out paragraph (1). the Board (prepare than eached in letail to sup- ort (a and concurring approva an h the pu n inde her th rev 。 the of auditor's test con of fthe internal PUBLIC LAW 107–204—JULY 30, 2002 116 STAT. 755 to report more frequently, as necessary to update the information contained in its application for registration under this section, and to provide to the Board such additional information as the Board or the Commission may specify, in accordance with subsection (b)(2). (e) PUBLIC AVAILABILITY.—Registration applications and annual reports required by this subsection, or such portions of such applica￾tions or reports as may be designated under rules of the Board, shall be made available for public inspection, subject to rules of the Board or the Commission, and to applicable laws relating to the confidentiality of proprietary, personal, or other information contained in such applications or reports, provided that, in all events, the Board shall protect from public disclosure information reasonably identified by the subject accounting firm as proprietary information. (f) REGISTRATION AND ANNUAL FEES.—The Board shall assess and collect a registration fee and an annual fee from each registered public accounting firm, in amounts that are sufficient to recover the costs of processing and reviewing applications and annual reports. SEC. 103. AUDITING, QUALITY CONTROL, AND INDEPENDENCE STAND￾ARDS AND RULES. (a) AUDITING, QUALITY CONTROL, AND ETHICS STANDARDS.— (1) IN GENERAL.—The Board shall, by rule, establish, including, to the extent it determines appropriate, through adoption of standards proposed by 1 or more professional groups of accountants designated pursuant to paragraph (3)(A) or advisory groups convened pursuant to paragraph (4), and amend or otherwise modify or alter, such auditing and related attestation standards, such quality control standards, and such ethics standards to be used by registered public accounting firms in the preparation and issuance of audit reports, as required by this Act or the rules of the Commission, or as may be necessary or appropriate in the public interest or for the protection of investors. (2) RULE REQUIREMENTS.—In carrying out paragraph (1), the Board— (A) shall include in the auditing standards that it adopts, requirements that each registered public accounting firm shall— (i) prepare, and maintain for a period of not less than 7 years, audit work papers, and other information related to any audit report, in sufficient detail to sup￾port the conclusions reached in such report; (ii) provide a concurring or second partner review and approval of such audit report (and other related information), and concurring approval in its issuance, by a qualified person (as prescribed by the Board) associated with the public accounting firm, other than the person in charge of the audit, or by an independent reviewer (as prescribed by the Board); and (iii) describe in each audit report the scope of the auditor’s testing of the internal control structure and procedures of the issuer, required by section 404(b), and present (in such report or in a separate report)— 15 USC 7213. VerDate 11-MAY-2000 18:56 Aug 07, 2002 Jkt 099139 PO 00204 Frm 00011 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL204.107 APPS24 PsN: PUBL204