Comprehensive Investor Protection Act of 2002

[AI summary unavailable — showing source text] Comprehensive Investor Protection Act of 2002 - Amends the Securities Exchange Act of 1934 to set forth auditor independence requirements, including a prohibition against: (1) nonaudit services for audit clients; and (2) improper influence exerted upon the conduct of audits. Establishes the Public Accounting Regulatory Board to: (1) establish audit quality standards; (2) review public accounting firms and individual audits; (3) conduct disciplinary and investigation proceedings; and (4) suspend or revoke registration for noncompliance. Permits State licensing boards to participate in such proceedings and impose sanctions. Authorizes the Securities and Exchange Commission (SEC) to oversee the Board. Subjects to Board jurisdiction foreign accounting firms that already fall within SEC jurisdiction. Proscribes insider trades during pension fund blackout periods. Mandates an SEC rulemaking proceeding to attain increased financial disclosure of : (1) off-balance sheet transactions; (2) insider transactions; (3) relationships between SEC registrants and philanthropic organizations; (4) insider controlled affiliates; and (5) provision of services by related persons. Instructs the SEC to: (…