H.R.1645 - Fostering Innovation Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Sinema, Kyrsten [D-AZ-9] (Introduced 03/21/2017)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 115-425|
|Latest Action:||House - 11/28/2017 Placed on the Union Calendar, Calendar No. 315. (All Actions)|
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Summary: H.R.1645 — 115th Congress (2017-2018)All Information (Except Text)
Reported to House without amendment (11/28/2017)
Fostering Innovation Act of 2017
This bill amends the Sarbanes-Oxley Act of 2002 to establish a temporary exemption to the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the management of the issuer. Specifically, this requirement shall not apply with respect to an audit report prepared for an issuer that:
- ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities,
- had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
- is not a large accelerated filer.
An issuer shall cease to be eligible for the exemption at the earliest of: (1) the last day of the fiscal year following the 10th anniversary of its first sale of common equity securities, (2) the last day of the fiscal year in which its average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.