CAQ Statement on Proposed SEC Rulemaking to Amend Accelerated Filer Definition

Thursday, May 9, 2019

Washington, DCThe Center for Audit Quality (CAQ) issued the following statement from Executive Director Julie Bell Lindsay on the Securities and Exchange Commission (SEC) proposal to amend the “accelerated filer” definition, with the effect of potentially reducing the number of companies subject to the auditor attestation requirement related to internal control over financial reporting (ICFR) under Section 404(b) of the Sarbanes-Oxley Act of 2002:

“The CAQ looks forward to studying the SEC’s proposal on the accelerated filer definition and providing views from the public company auditing profession.

“US capital markets are the largest and most attractive in the world, and this success is thanks in large part to effective and robust investor protections. Numerous studies and surveys have shown that the Sarbanes-Oxley Act’s provisions on ICFR bolster investor confidence, support capital formation, and strengthen our financial markets.

“The CAQ refers to these studies in a new version of our Guide to Internal Control Over Financial Reporting, which we are pleased to release today. Given the importance of ICFR in our system of investor protection, all stakeholders in our financial reporting system should have a strong understanding of how ICFR works, different ICFR roles and responsibilities, and how ICFR benefits companies, shareholders, capital markets, and the overall economy.”

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About the CAQ

The Center for Audit Quality (CAQ) is an autonomous public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high-quality performance by public company auditors; convenes and collaborates with other stakeholders to advance the discussion of critical issues that require action and intervention; and advocates policies and standards that promote public company auditors’ objectivity, effectiveness, and responsiveness to dynamic market conditions. Based in Washington, DC, the CAQ is affiliated with the American Institute of CPAs.

Contact
Andrew T. Gillies
Director of Communications
202-609-8048