Small Company Job Growth and Regulatory Relief Act of 2011 - Amends the Sarbanes-Oxley Act of 2002 to revise the small issuer exemption from the requirement that each registered public accounting firm that prepares or issues the audit report for a securities issuer attest to, and report on, the issuer's management assessment of the effectiveness of its internal control structure and procedures for financial reporting. Specifies that this requirement shall not apply to an issuer that has a total public float for the relevant reporting period of less than $350 million.
Prohibits this Act from being construed to relieve or exempt an issuer from the internal control reporting and assessment requirements of the Sarbanes-Oxley Act of 2002, or from its requirement that officers of the issuer certify certain annual and quarterly reports.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3213 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3213
To amend the Sarbanes-Oxley Act of 2002 to provide additional
exemptions from the internal control auditing requirements for smaller
and newer public companies.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 14, 2011
Mr. Fincher (for himself, Mr. Garrett, Mr. Grimm, Mr. Hensarling, Mr.
Dold, Mr. Huizenga of Michigan, Mr. Quayle, Mr. Westmoreland, Mr.
Neugebauer, Mr. Stivers, Mr. Rigell, Mr. DesJarlais, Mr. McHenry, and
Mr. Luetkemeyer) introduced the following bill; which was referred to
the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Sarbanes-Oxley Act of 2002 to provide additional
exemptions from the internal control auditing requirements for smaller
and newer public companies.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small Company Job Growth and
Regulatory Relief Act of 2011''.
SEC. 2. EXEMPTION FROM AUDIT REQUIREMENT FOR SMALLER ISSUERS.
Section 404 of the Sarbanes-Oxley Act of 2002 is amended by
striking subsection (c) and inserting the following:
``(c) Exemption for Smaller Issuers.--Subsection (b) shall not
apply with respect to any report required under subsection (a) of an
issuer that has a total public float for the relevant reporting period
of less than $350,000,000.
``(d) Rule of Construction.--Nothing in the exemptions provided for
in subsection (c) shall be construed to relieve or exempt any issuer
from the requirements for internal control reporting and assessment
under subsection (a) or the requirement that officers of the issuer
certify each annual and quarterly report pursuant to section 302.''.
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Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.
Subcommittee Consideration and Mark-up Session Held and Forwarded to Full Committee by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral Revised discussion draft, as amended, ordered favorably reported to the full committee by the subcommittee on Capital Markets and Government Sponsored Enterprises.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1878)
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
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