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SEC Addresses ICFR Attestation for Smaller Companies

May 13, 2019

Fewer public companies would be required to obtain an attestation of their internal control over financial reporting (ICFR) from an independent outside auditor under amendments the SEC voted to propose. The amendments as proposed are designed to reduce costs for certain lower-revenue companies by changing the types of companies that are categorized as accelerated and large accelerated filers. Under the proposal, smaller reporting companies with less than $100 million in revenues would not be required to obtain from an auditor an attestation of their internal control over financial reporting as described in the Sarbanes-Oxley Act of 2002 (SOX), P.L. 107-204. Read more from the Journal of Accountancy.