3.0.0 3886 2022-11-01T13:50:28Z 2022-11-01T13:50:28Z House HR 2019-07-23 116 [Congressional Record Volume 165, Number 124 (Tuesday, July 23, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. McADAMS:H.R. 3886.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H7242]]]> hsba00 Financial Services Committee House Standing Referred to 2019-07-23T16:02:40Z Fostering Innovation Act of 2019 116 452 S 2019-02-12 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2019-07-23 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2019-07-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-07-23 Introduced in House IntroReferral 1000 9 Library of Congress M001209 Rep. McAdams, Ben [D-UT-4] Ben McAdams D UT 4 N H001074 Rep. Hollingsworth, Trey [R-IN-9] Trey Hollingsworth R IN 9 2019-07-23 True Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Business investment and capital Corporate finance and management Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2019-07-23 Introduced in House 2020-05-29T22:18:18Z 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.

]]> Fostering Innovation Act of 2019 Display Title Fostering Innovation Act of 2019 Official Title as Introduced To amend the Sarbanes-Oxley Act of 2002 to provide a temporary exemption for low-revenue issuers from certain auditor attestation requirements. Introduced in House IH Short Title(s) as Introduced Fostering Innovation Act of 2019 Introduced in House IH Introduced in House 2019-07-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr3886ih/xml/BILLS-116hr3886ih.xml 2019-07-23 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.