Sec 701 - GAO Study and Report on Consolidation of Accounting Firms

Section 701 of the Sarbanes-Oxley Act requires the Government Accountability Office to conduct a study and issue a report on the effects of consolidation among public-accounting firms, assessing how mergers and acquisitions impact audit quality, competition, and investor protection. The findings guide the Securities and Exchange Commission in developing policies that preserve independence and reliability of financial audits.