PlainBillCongress, translated.Legislation. Context. Public interest.Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-354.
Congressional Research Service
Version 00 · Introduced in Senate · Nov 15, 2017
Fostering Innovation Act of 2017
This bill amends the Sarbanes-Oxley Act of 2002 to establish a temporary exemption from the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the management of the issuer. Specifically, this requirement shall not apply with respect to an audit report prepared for an issuer that:
ceased to be an emerging growth company on the last day of its fiscal year following the five-year period beginning on the date of its first sale of common equity securities,
Showing the opening paragraphs of the official summary.
had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
is not a large accelerated filer.
An issuer shall cease to be eligible for the exemption at the earliest of: (1) the last day of the fiscal year following the 10-year period beginning on the date of its first sale of common equity securities, (2) the last day of the fiscal year in which its average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.
People & committees
Sen. Tillis, Thomas [R-NC] · R–NC
Legislative record
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Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-354.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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Source last updated: Aug 11, 2025. Consult Congress.gov for the current record.
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