SEC Proposes Rules to Tailor Definitions of Accelerated and Large Accelerated Filers

On May 9, 2019, the SEC proposed rules that would amend the definitions of accelerated filer and large accelerated filer by providing that smaller reporting companies with less than $100 million in revenues would not be required to obtain an attestation of their internal controls over financial reporting from an independent outside auditor. The proposed amendments, if adopted, would reduce audit costs for certain lower-revenue companies but would not change other provisions of the Sarbanes-Oxley Act of 2002, such as independent audit committee requirements, CEO and CFO certifications of financial reports, or the requirement that companies continue to establish, maintain, and assess the effectiveness of their internal controls over financial reporting. The proposed rule amendments are available here.