Bill Type
Congress Name
Long Title
AN ACT PROVIDING FOR CORPORATE ACCOUNTABILITY, FIXING THE PENALTIES FOR ANY VIOLATION THEREOF, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES
Date filed
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00286 | |
| FULL TITLE : AN ACT PROVIDING FOR CORPORATE ACCOUNTABILITY, FIXING THE PENALTIES FOR ANY VIOLATION THEREOF, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES | |
| SHORT TITLE : Corporate Reform Act of 2004 | |
| ABSTRACT : "Corporate Reform Act of 2004". The bill seeks to regulate corporate abuses by providing, among others: a) the banning of accounting firms from providing consulting services to companies they are auditing; b) the rotation of an accounting partner overseeing the audits of a specific company every 5 years; c) requiring CEOs to certify to the accuracy of their financial reports under threat of punishment. | |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Codilla (006 ) | 2. Badelles (012 ) |
| 3. Marcos (012 ) | 4. Barbers (012 ) |
| 5. De Guzman (012 ) | 6. Zamora (012 ) |
| 7. Remulla (012 ) | 8. Abalos (012 ) |
| 9. Valencia (012 ) | 10. Teves (012 ) |
| 11. Veloso (013 ) | 12. Salceda (013 ) |
| 13. Puentevella (013 ) | 14. Clarete (016 ) |
| 15. Locsin (016 ) | 16. Abad (019 ) |
| 17. Lopez (025 ) | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Scheduled for first meeting/hearing on 2005-01-11 | |
| 2. Approved by the Committee on 2005-01-11 | |
| 3. Under study by the Technical Working Group(TWG) on 2005-03-03 | |
| 4. Under study by the Technical Working Group(TWG) on 2006-10-03 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON ECONOMIC AFFAIRS ON 2004-07-27 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON APPROPRIATIONS |
Abstract
"Corporate Reform Act of 2004". The bill seeks to regulate corporate abuses by providing, among others: a) the banning of accounting firms from providing consulting services to companies they are auditing; b) the rotation of an accounting partner overseeing the audits of a specific company every 5 years; c) requiring CEOs to certify to the accuracy of their financial reports under threat of punishment.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.