ICFR Relief Now Effective for Small Companies
On April 27, 2020, a new SEC rule became effective that offers substantial relief for smaller issuers. The rule updates the definitions for accelerated and large accelerated filers and revises their transition thresholds. As a result, smaller reporting companies with less than $100 million of revenue would no longer be required to have an auditor sign off on their internal control over financial reporting (ICFR). This article provides details on the final rule.