SEC Eliminates Auditor Attestation Report from Internal Control Over Financial Reporting Requirements for Newly Public Companies and Smaller Public Companies

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On September 15, 2010, the Securities and Exchange Commission issued a final rulemaking release that eliminates the requirement for newly public companies and smaller public companies (i.e., non-accelerated filers)1 to include auditor attestation reports with respect to internal control over financial reporting in their annual reports. These amendments provide newly public companies and smaller public companies relief from the significant burden and expense of auditor attestation on their internal control over financial reporting.

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Published In: Administrative Agency Updates, Business Organization Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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