The Securities and Exchange Commission has adopted a final rule to implement Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Release No. 33-9142 http://www.sec.gov/rules/final/2010/33-9142.pdf). Section 989G affords small issuers an exemption from the internal controls auditor attestation requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002. SOX Section 404(b) requires registered public accounting firms that prepare or issue audit reports for an issuer to attest to, and report on, the assessment made by the issuer's management of the company's internal controls. Previous SEC rules required a non-accelerated filer to include an attestation report in its annual report for years ending on or after June 15, 2010.
He's got the details on the regulatory mechanics of the rule changes.
