S.452 - Fostering Innovation Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Tillis, Thom [R-NC] (Introduced 02/12/2019)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 02/12/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
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Summary: S.452 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (02/12/2019)
Fostering Innovation Act of 2019
This bill establishes a temporary exemption from 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 five-year period beginning on the date 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 10-year period beginning on the date 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.