15 U.S.C. § 7262 | Management assessment of internal controls

(a)

Rules required

oThe Commission shall prescribe rules requiring each annual report required by section 78m(a) or 78(d) of this title 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

section 78c of this titleWith 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, other than an issuer that is an emerging growth company (as defined in ), 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.

(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).

Pub. L. 107–204, title IV, § 404July 30, 2002116 Stat. 789 Pub. L. 111–203, title IX, § 989G(a)July 21, 2010124 Stat. 1948 Pub. L. 112–106, title I, § 103Apr. 5, 2012126 Stat. 310(, , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 112–106 section 78c of this title2012—Subsec. (b). inserted “, other than an issuer that is an emerging growth company (as defined in ),” before “shall attest to”.

Pub. L. 111–2032010—Subsec. (c). added subsec. (c).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

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