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Auditor Attestation Exemption Advances

By Stephen Barlas
February 1, 2018

It’s uncertain whether the Senate will take up a bill expanding the category of companies that are exempt from the Sarbanes-Oxley requirement that companies get an auditor attestation of a company’s financial controls.

 

The House Financial Services Committee passed a bill (H.R. 1645) that expands the exemption created by the JOBS Act, which created a category of emerging growth companies (EGCs) that are exempt from the requirement. The bill extends the exemption:

  • until the earlier of 10 years after the EGC went public,
  • the end of the fiscal year in which the EGC’s average gross revenues exceed $50 million,
  • or when the EGC qualifies with the SEC as a large accelerated filer.

Macey Matthews, a spokeswoman for Rep. Kyrsten Sinema (D.-Ariz.), a cosponsor of the bill, says, “We are working on a Senate companion. Timing on a House vote is unclear.”

 

Stephen Barlas has covered Washington, D.C., for trade and professional magazines since 1981 and since 1984 for Strategic Finance and its predecessor Management Accounting. You can reach him at sbarlas@verizon.net.
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