§ 7262. Management assessment of internal controls

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2002

   Sarbanes-Oxley Act of 2002

   Pub. L. 107–204 title IV § 404 · 116 Stat. 745

   Enacted · 15 U.S.C. § 7262

   Pub. L. 107–204, title IV, § 404, July 30, 2002, 116 Stat. 789

   Source evidence

   Code source credit
   Pub. L. 107–204, title IV, § 404, July 30, 2002, 116 Stat. 789

   Enacted provision · exact public law section
   SEC. 404. MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS. (a) Rules Required.— The Commission shall prescribe rules requiring each annual report required by section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) to contain an internal control report, which shall— (1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and (2) contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting. (b) Internal Control Evaluation and Reporting.— With respect to the internal control assessment required by subsection (a), each registered public accounting firm that prepares or issues the audit report for the issuer shall , attest to, and report on, the assessment made by the management of the issuer. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Any such attestation shall not be the subject of a separate engagement.

2. 2010

   Investor Protection and Securities Reform Act of 2010

   Pub. L. 111–203 title IX § 989G(a) · 124 Stat. 1376

   Added · 15 U.S.C. § 7262(c)

   Pub. L. 111–203 added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 111–203 added subsec. (c).

   Enacted provision · exact public law section
   (a) Exemption.— Section 404 15 USC 7262. of the Sarbanes-Oxley Act of 2002 is amended by adding at the end the following: “(c) Exemption for Smaller Issuers.— Subsection (b) shall not apply with respect to any audit report prepared for an issuer that is neither a ‘large accelerated filer’ nor an ‘accelerated filer’ as those terms are defined in Rule 12b–2 of the Commission (17 C.F.R. 240.12b–2).” .

   Effective date note
   Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.

3. 2012

   Jumpstart Our Business Startups Act

   Pub. L. 112–106 title I § 103 · 126 Stat. 306

   Inserted · 15 U.S.C. § 7262(b)

   Pub. L. 112–106 inserted “, other than an issuer that is an emerging growth company (as defined in section 78c of this title),” before “shall attest to”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 112–106 inserted “, other than an issuer that is an emerging growth company (as defined in section 78c of this title),” before “shall attest to”.

   Enacted provision · exact public law section
   SEC. 103. INTERNAL CONTROLS AUDIT.   Section 404(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262(b)) is amended by inserting “, other than an issuer that is an emerging growth company (as defined in section 3 of the Securities Exchange Act of 1934),” before “shall attest to”.

3 of 3 references resolved to an enrolled provision