SEC TO REDUCE NUMBER OF SRCs SUBJECT TO AUDITS.

Author:Barlas, Stephen
Position:SEC/
 
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The U.S. Securities & Exchange Commission (SEC) wants to reduce the number of "small reporting companies" (SRC) that must have an independent auditor make a report on their internal controls. Because of definitional changes the SEC made in 2018, some SRCs, formerly classified as nonaccelerated filers, were catapulted into either the accelerated filer or large accelerated filer category. Companies in those two categories need independent auditors to report on management's assessment of the effectiveness of their internal control...

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