Defining Issues | April 2020
The SEC has redefined its filer definitions, exempting low-revenue issuers from internal control audits.
The SEC has amended the accelerated filer and large accelerated filer definitions to exclude ‘smaller reporting company’ issuers with less than $100 million in annual revenue. The amendments relieve these low-revenue issuers from the internal control over financial reporting (ICFR) auditor attestation requirements.
Public companies, including foreign issuers and business development companies
The amendments:
SRCs with less than $100 million in revenue will continue to be required to establish, maintain and assess effective internal control over financial reporting. However, these issuers will no longer be required to comply with ICFR auditor attestation requirements.
SEC rule provides smaller companies relief by amending filer definitions
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