Fostering Innovation Act of 2019

Summary

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.

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Timeline

1. 12 February 2019

   Introduced

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

   Source: IntroReferral

2. 12 February 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 February 2019 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 February 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 February 2019

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 February 2019

  Open at official source

Sponsors

• Thomas Tillis · R · Sponsor
• Gary Peters · D · Sponsor
• Sen. Perdue, David [R-GA] · R · Sponsor
• Kyrsten Sinema · D · Sponsor
• · ssbk00 · Standing

Related records

• related to ← Fostering Innovation Act of 2019
• related to ← Fostering Innovation Act of 2017