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

submitted 24 years ago by Pub. L. 107-204 to r/title-15-COMMERCE-AND-TRADE · 230 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) Rules required

The Commission shall prescribe rules requiring each annual report required by section 78m(a) or 78o(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

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

Source credit: (Pub. L. 107–204, title IV, § 404, July 30, 2002, 116 Stat. 789; Pub. L. 111–203, title IX, § 989G(a), July 21, 2010, 124 Stat. 1948; Pub. L. 112–106, title I, § 103, Apr. 5, 2012, 126 Stat. 310.)

history & why it existsrecord from the source credit
  • 2002Enacted · Pub. L. 107-204 · 116 Stat. 789
  • 2010Amended · Pub. L. 111-203 · 124 Stat. 1948
  • 2012Amended · Pub. L. 112-106 · 126 Stat. 310

A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-204 on 2002-07-30.

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