SEC Rule Change: Companies with Less Than $100 Million in Revenue Exempted from Internal Control Audits (SOX Audit)
On March 18, 2020, the SEC issued a release announcing a rule change that exempts companies with less than $100 million in annual revenue from the internal control audit performed by an external auditor (SOX 404 audit). The details of the release can be found here. Previously, Emerging Growth Companies (EGCs) were exempt from the …