A bipartisan pair of influential senators introduced legislation Friday that would make disciplinary hearings against auditing firms public.
The bill would change a provision of the Sarbanes-Oxley Act that requires the Public Company Accounting Oversight Board to keep disciplinary proceedings against auditing firms confidential. The proposed legislation, sponsored by Senators Jack Reed, D-R.I., and Chuck Grassley, R-Iowa, is called the PCAOB Enforcement Transparency Act of 2011.
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