This bill amends the Sarbanes-Oxley Act of 2002 with respect 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.

This requirement shall not apply with respect to any 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.

Fostering Innovation Act of 2015

(Sec. 2) This bill amends the Sarbanes-Oxley Act of 2002 with respect 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 issuer's management.

This requirement shall not apply with respect to any 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.

This temporary exemption for low-revenue issuers shall expire upon the earliest of:

• the last day of the issuer's fiscal year following the tenth anniversary of its first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933,
• the last day of the issuer's fiscal year during which the issuer's average annual gross revenues exceed $50 million, or
• the date upon which the issuer becomes a large accelerated filer.