the U.S. Securities and Exchange Commission (SEC) issued a Release which includes a 29-page questionnaire to which public comment is sought by the SEC Advisory Committee on Smaller Public Companies ("Advisory Committee"). As announced in the Release, the input of smaller public companies is particularly sought, and no bright-line definition of what a "smaller" company is for this purpose is mandated, although respondents are asked to indicate the size of company (by revenue or market cap) which they contemplate as "small" for purposes of their response.
Many of the 20 questions in the Release address Sarbanes-Oxley Section 404 and the related SEC and Public Company Accounting Oversight Board (PCAOB) rules thereunder regarding management's report and the auditor's report on internal control over financial reporting. Other questions address broader corporate governance and listing standards; the relationship of the smaller public company with its independent auditor; and other regulatory provisions of the SEC affecting smaller public companies and accounting issues affecting smaller public companies. The questionnaire concludes by asking generically, "Is there any other matter relating to the securities laws applicable to smaller companies that you wish to comment on or bring to the Advisory Committee's attention?"
See full FEI Summary.
Also see SEC Rules (both in pdf format) and Request for Input.
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