【正文】 option of applicable rules of the Board under section 103, in accordance with thenapplicable generally accepted auditing and related standards for such purposes), for the purpose of expressing an opinion on such statements.(3) AUDIT COMMITTEE.—The term ‘‘a(chǎn)udit mittee’’ means—(A) a mittee (or equivalent body) established byand amongst the board of directors of an issuer for thepurpose of overseeing the accounting and financialreporting processes of the issuer and audits of the financial statements of the issuer。 and(B) in which a public accounting firm either—(i) sets forth the opinion of that firm regardinga financial statement, report, or other document。 or(ii) participates as agent or otherwise on behalfof such accounting firm in any activity of that firm.(B) EXEMPTION AUTHORITY.—The Board may, by rule, exempt persons engaged only in ministerial tasks from the definition in subparagraph (A), to the extent that the Board determines that any such exemption is consistent with the purposes of this Act, the public interest, or the protection of investors.(10) PROFESSIONAL STANDARDS.—The term ‘‘professional standards’’ means—(A) accounting principles that are—(i) established by the standard setting bodydescribed in section 19(b) of the Securities Act of 1933, as amended by this Act, or prescribed by the Commission under section 19(a) of that Act (15 . 17a(s))or section 13(b) of the Securities Exchange Act of 1934 (15 . 78a(m))。 and(B) auditing standards, standards for attestationengagements, quality control policies and procedures, ethical and petency standards, and independence standards (including rules implementing title II) that the Board or the Commission determines—(i) relate to the preparation or issuance of auditreports for issuers。 and(B) to the extent so designated by the rules of theBoard, any associated person of any entity described insubparagraph (A).(12) REGISTERED PUBLIC ACCOUNTING FIRM.—The term ‘‘registered public accounting firm’’ means a public accounting firmregistered with the Board in accordance with this Act.(13) RULES OF THE BOARD.—The term ‘‘rules of the Board’’means the bylaws and rules of the Board (as submitted to,and approved, modified, or amended by the Commission, inaccordance with section 107), and those stated policies, practices, and interpretations of the Board that the Commission,by rule, may deem to be rules of the Board, as necessaryor appropriate in the public interest or for the protection ofinvestors.(14) SECURITY.—The term ‘‘security’’ has the same meaningas in section 3(a) of the Securities Exchange Act of 1934 (15. 78c(a)). PUBLIC LAW 107–204—JULY 30, 2002 116 STAT. 749 (15) SECURITIES LAWS.—The term ‘‘securities laws’’ means the provisions of law referred to in section 3(a)(47) of theSecurities Exchange Act of 1934 (15 . 78c(a)(47)), asamended by this Act, and includes the rules, regulations, andorders issued by the Commission thereunder.(16) STATE.—The term ‘‘State’’ means any State of theUnited States, the District of Columbia, Puerto Rico, the Virgin Islands, or any other territory or possession of the UnitedStates.(b) CONFORMING AMENDMENT.—Section 3(a)(47) of the Securities Exchange Act of 1934 (15 . 78c(a)(47)) is amended byinserting ‘‘the SarbanesOxley Act of 2002,’’ before ‘‘the Public’’.SEC. 3. COMMISSION RULES AND ENFORCEMENT. 15 USC 7202.(a) REGULATORY ACTION.—The Commission shall promulgate such rules and regulations, as may be necessary or appropriate in the public interest or for the protection of investors, and in furtherance of this Act.(b) ENFORCEMENT.—(1) IN GENERAL.—A violation by any person of this Act,any rule or regulation of the Commission issued under thisAct, or any rule of the Board shall be treated for all purposesin the same manner as a violation of the Securities ExchangeAct of 1934 (15 . 78a et seq.) or the rules and regulations issued thereunder, consistent with the provisions of this Act,and any such person shall be subject to the same penalties,and to the same extent, as for a violation of that Act orsuch rules or regulations.(2) INVESTIGATIONS, INJUNCTIONS, AND PROSECUTION OF OFFENSES.—Section 21 of the Securities Exchange Act of 1934 (15 . 78u) is amended—(A) in subsection (a)(1), by inserting ‘‘the rules of thePublic Company Accounting Oversight Board, of which such person is a registered public accounting firm or a personassociated with such a firm,’’ after ‘‘is a participant,’’。(C) in subsection (e), by inserting ‘‘the rules of thePublic Company Accounting Oversight Board, of which suchperson is a registered public accounting firm or a personassociated with such a firm,’’ after ‘‘is a participant,’’。 and 116 STAT. 750 PUBLIC LAW 107–204—JULY 30, 2002 (B) striking ‘‘a(chǎn)nd 16,’’ each place it appears andinserting ‘‘a(chǎn)nd 16 of this Act, and sections 302, 303, 304,306, 401(b), 404, 406, and 407 of the SarbanesOxley Actof 2002,’’.(c) EFFECT ON COMMISSION AUTHORITY.—Nothing in this Actor the rules of the Board shall be construed to impair or limit—(1) the authority of the Commission to regulate theaccounting profession, accounting firms, or persons associatedwith such firms for purposes of enforcement of the securitieslaws。 or(3) the ability of the Commission to take, on the initiativeof the Commission, legal, administrative, or disciplinary actionagainst any registered public accounting firm or any associatedperson thereof.TITLE I—PUBLIC COMPANYACCOUNTING OVERSIGHT BOARD 15 USC 7211. SEC. 101. ESTABLISHMENT。(2) establish or adopt, or both, by rule, auditing, qualitycontrol, ethics, independence, and other standards relating to the preparation of audit reports for issuers, in accordance with section 103。(4) conduct investigations and disciplinary proceedings concerning, and impose appropriate sanctions wh