The Public Company Accounting Oversight Board (PCAOB), a private entity subject to SEC regulation and oversight, is responsible for overseeing the auditing of public companies and establishing standards relating to the preparation of audit reports. Every firm that audits a public company must be registered with the PCAOB. Within 270 days of enactment, SEC must direct the stock exchanges and NASDAQ to prohibit listing any company not in compliance with standards regarding composition and function of the audit committee, which include requirements that the audit committee be directly responsible for the appointment, compensation and oversight of the work of the independent auditor and that the members of the audit committee be independent (with specified limitations upon receipt of fees and other payments from the company and upon affiliations with the company and its subsidiaries). Within 180 days of enactment, SEC must issue final rules requiring all reporting companies to disclose whether or not (and if not, why not) the audit committee includes at least one member who is a "financial expert." The SEC rule must consider whether the person has an understanding of GAAP, experience in the preparation or auditing of financial statements and the application of certain accounting principles. Requires the audit committee to pre-approve all auditing services and all permitted non-auditing services.