Emerging growth companies During the five years following its first regis tered

Emerging growth companies during the five years

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Emerging growth companies. During the five years following its first regis- tered public sale of common stock, a company that has total annual revenue of less than $1 billion is an emerging growth company (“EGC”). Such a com- pany loses its EGC status if it becomes a “large accelerated filer” (generally this requires an aggregate worldwide public float of at least $700 million) or if it issues more than $1 billion of nonconvertible debt in a three-year period. AC504 (Session 4) October 2017 37
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SOURCES OF ADDITIONAL INFORMATION CONCERNING INTERNAL CONTROL OVER FINANCIAL REPORTING COSO, Internal Control – Integrated Framework (1992) * COSO, Internal Control over Financial Reporting – Guidance for Smaller Public Companies (June 2006) COSO, Internal Control — Integrated Framework: Executive Summary (Exposure draft, September 2012) COSO, Internal Control — Integrated Framework: Internal Control over Financial Reporting: A Compendium of Approaches and Examples (Exposure draft, September 2012) PCAOB Release No. 2007-005, Auditing Standard No. 5 (Adopting release, May 24, 2007) PCAOB Staff Views, An Audit of Internal Control over Financial Reporting That is Integrated with an Audit of Financial Statements: Guidance for Auditors of Smaller Public Companies (January 23, 2009) Securities Act Release No. 8238, Management’s Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports (June 5, 2003) Securities Act Release No. 8809, Amendments to Rules Regarding Management’s Report on Internal Control Over Financial Reporting (June 20, 2007) Securities Act Release No. 8810, Commission Guidance Regarding Management’s Report on Internal Control Over Financial Reporting Under Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (June 20, 2007) Securities Act Release No. 8829, Definition of the Term Significant Deficiency (August 3, 2007) SEC Office of the Chief Accountant, Division of Corporation Finance, Management’s Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports: Frequently Asked Questions (September 24, 2007) * COSO is updating its framework and has issued several exposure drafts for public comment. The final version of the updated framework is expected to be issued in 2013. AC504 (Session 4) October 2017 38
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AC504 (Session 4) October 2017 39
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