Fostering Innovation Act of 2017

Summary

Fostering Innovation Act of 2017 This bill amends the Sarbanes-Oxley Act of 2002 to establish 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.

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Timeline

1. 15 November 2017

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 15 November 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 26 June 2018

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-354.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 15 November 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 November 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 November 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 15 November 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Tillis, Thomas [R-NC] · R · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → TRID Improvement Act of 2017
• related to → Fostering Innovation Act of 2017
• related to → Financial CHOICE Act of 2017
• related to → Fostering Innovation Act of 2019
• related to ← Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019