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SEC. 204.
AUDITOR REPORTS TO AUDIT COMMITTEES.
Section 10A
of the Securities Exchange Act of 1934 (15
U.S.C.
78j1), as
amended by this Act, is amended by adding at
the
end the
following:
(k) REPORTS TO
AUDIT COMMITTEES.Each registered
public
accounting
firm that performs for any issuer any audit
required
by this title
shall timely report to the audit committee of
the
issuer
(1) all
critical accounting policies and practices to
be used;
(2) all
alternative treatments of financial
information
within
generally accepted accounting principles that
have been
discussed
with management officials of the issuer,
ramifications
of the use of
such alternative disclosures and treatments,
and
the treatment
preferred by the registered public accounting
firm; and
(3) other
material written communications between the
registered
public accounting firm and the management of
the
issuer, such
as any management letter or schedule of
unadjusted
differences..
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