To require auditor independence standards of the Public Company Accounting Oversight Board and the Securities and Exchange Commission applicable to past audits of a company occurring before it was a public company to treat an auditor as independent if the auditor meets established professional standards, and for other purposes.

HR 2606 modifies auditor independence rules for companies transitioning from private to public status. It allows auditors of private companies preparing to go public to be considered independent during their private phase if they meet standard professional guidelines (like AICPA rules), rather than the stricter public company standards. This applies specifically to audits conducted before the company filed its registration statement to become public. The bill directly affects private companies planning to go public and their auditors, easing compliance for past audits.