80 FR 57263 - Public Company Accounting Oversight Board; Order Granting Approval of Proposed Rules To Implement the Reorganization of PCAOB Auditing Standards and Related Changes to PCAOB Rules and Attestation, Quality Control, and Ethics and Independence Standards
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 183 (September 22, 2015)
Federal Register Volume 80, Issue 183 (September 22, 2015)
| Page Range | 57263-57265 | |
| FR Document | 2015-24019 |
[Federal Register Volume 80, Number 183 (Tuesday, September 22, 2015)] [Notices] [Pages 57263-57265] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-24019] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75935; File No. PCAOB-2015-01] Public Company Accounting Oversight Board; Order Granting Approval of Proposed Rules To Implement the Reorganization of PCAOB Auditing Standards and Related Changes to PCAOB Rules and Attestation, Quality Control, and Ethics and Independence Standards September 17, 2015. I. Introduction On June 17, 2015, the Public Company Accounting Oversight Board (the ``Board'' or the ``PCAOB'') filed with the Securities and Exchange Commission (the ``Commission''), pursuant to section 107(b) \1\ of the Sarbanes-Oxley Act of 2002 (the ``Sarbanes-Oxley Act'') and section 19(b) \2\ of the Securities Exchange Act of 1934 (the ``Exchange Act''), proposed rules to adopt amendments to implement the reorganization of PCAOB auditing standards and related changes to PCAOB rules and attestation, quality control, and ethics and independence standards (collectively, the ``Proposed Rules'' or ``Proposed Reorganization'').\3\ The Proposed Rules were published for comment in the Federal Register on June 25, 2015.\4\ At the time the notice was issued, the Commission designated a longer period to act on the Proposed Rules, until September 23, 2015.\5\ The Commission received four comment letters in response to the notice.\6\ This order approves the Proposed Rules. --------------------------------------------------------------------------- \1\ 15 U.S.C. 7217(b). \2\ 15 U.S.C. 78s(b). \3\ The Board originally proposed in March 2013 (``Original Proposal'') what became the Proposed Rules. See PCAOB Release No. 2013-002 (March, 26, 2013). The Board also issued a supplemental request for comment in May 2014 (``Supplemental Request''). See PCAOB Release No. 2014-001 (May 7, 2014). \4\ See Release No. 34-75251 (June 19, 2015), 80 FR 36602 (June 25, 2015). \5\ Ibid. \6\ See Comment letters from Suzanne H. Shatto, June 27, 2015, Deloitte & Touche LLP, July 8, 2015, Michael McMurtry, July 28, 2015, and Stephen G. Wills, August 17, 2015, available at http://www.sec.gov/comments/pcaob-2015-01/pcaob201501.shtml. --------------------------------------------------------------------------- [[Page 57264]] II. Description of the Proposed Rules In April 2003, the Board adopted, on an interim, transitional basis, generally accepted auditing standards (``GAAS'') that were in existence on April 16, 2003. When the Board adopted those auditing standards, it continued to use the topical organization and reference numbers (``AU sections'') in the Auditing Standards Board (``ASB'') of the American Institute of Certified Public Accountants' (``AICPA'') then-existing codification of its standards. Auditing standards issued by the Board (``AS standards'') have not been codified or otherwise organized by topic, and are numbered in sequential order based upon when they were issued. As a result, the Board's auditing standards are organized using two separate numbering systems: (1) The numbering system used by the ASB when the Board adopted the interim standards; and (2) the numbering system used by the Board for the standards it has issued. 1. Proposed Reorganization Under the Proposed Reorganization, the individual standards will be grouped into the following topical categories:General Auditing Standards (AS 1000s)--standards on broad auditing principles, concepts, activities, and communications; Audit Procedures (AS 2000s)--standards for planning and performing audit procedures and for obtaining audit evidence; Auditor Reporting (AS 3000s)--standards for auditors' reports; Matters Related to Filings Under Federal Securities Laws (AS 4000s)--standards on certain auditor responsibilities relating to U.S. Securities and Exchange Commission filings for securities offerings and reviews of interim financial information; and Other Matters Associated with Audits (AS 6000s)--standards for other work performed in conjunction with an audit of an issuer or of a broker or dealer. Within each category are subcategories to further organize similar topics, such as standards related to auditor communications in the ``General Auditing Standards'' category. The integrated reference system uses an ``AS'' prefix to identify the auditing standard and each standard is assigned a unique section number, based on a four-digit numbering system. 2. Changes to PCAOB Standards and Rules The amendments to PCAOB standards and rules include changes rescinding certain interim auditing standards that the Board believes are no longer necessary, eliminating inoperative language in auditing standards, references, and interpretations, and eliminating inoperative references to AICPA standards or rules. a. Changes to the PCAOB Standards The amendments primarily update section numbers, update cross- references among standards using the numbering system in the adopted reorganization, and change the titles of certain standards. Other amendments rescind certain interim standards and remove or update certain terms and phrases in the standards. Interim Standards to be Rescinded The following interim standards are being rescinded because they contain requirements that have been superseded or duplicated by other PCAOB standards, and as such, are considered unnecessary: AU sec. 150, Generally Accepted Auditing Standards AU sec. 201, Nature of the General Standards AU sec. 410, Adherence to Generally Accepted Accounting Principles AU sec. 532, Restricting the Use of an Auditor's Report AU sec. 901, Public Warehouses--Controls and Auditing Procedures for Goods Held. Interpretive Publications Almost all \7\ of the AICPA auditing interpretations are being retained and presented separately from the auditing standards. The Proposed Reorganization retains the existing requirement for the auditor to be aware of and consider the applicable auditing interpretations. --------------------------------------------------------------------------- \7\ The Proposed Reorganization will rescind two auditing interpretations related to AU sec. 410 and AU sec. 534 and interpretation 16 of AU sec. 508 because they are either duplicative or unrelated to the preparation or issuance of any audit report for an issuer, broker, or dealer, and thus unnecessary. --------------------------------------------------------------------------- The Proposed Reorganization retains the majority \8\ of the appendices to the interim auditing standards and to continue presenting those appendices together with their related auditing standards in the same manner that appendices to PCAOB-issued standards are presented. Additionally, the Proposed Reorganization removes references to AICPA Audit and Accounting Guides and AICPA auditing Statements of Position because the guides referenced in PCAOB standards are outdated.\9\ --------------------------------------------------------------------------- \8\ The Proposed Reorganization will delete duplicative and thus unnecessary appendices that contain paragraphs .86 and .87 of AU sec. 316. \9\ AICPA Audit and Accounting Guides and auditing Statements of Position referenced in PCAOB standards are the editions of those publications as in existence on April 16, 2003. --------------------------------------------------------------------------- Other Changes to PCAOB Standards The Proposed Reorganization includes amendments to replace references to GAAS throughout the auditing standards with references to the standards of the PCAOB or PCAOB auditing standards, and accordingly, to supersede Auditing Standard No. 1 (``AS 1''), References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board.\10\ The Proposed Reorganization also includes amendments to preserve the requirement from AS 1 for the auditor's report to include the city and state, (or city and country), of the auditor. Finally, as AS 1 applied to the PCAOB's attestation standards, amendments to update references to PCAOB standards and to include the city and state (or city and country) have been applied to the attestation standards. --------------------------------------------------------------------------- \10\ In 2004, the Commission published interpretive guidance to explain that references in Commission rules and staff guidance to GAAS or specific standards of GAAS, as they relate to issuers, should be understood to mean the standards of the PCAOB plus any applicable rules of the Commission. See Release No. 34-49708, FR-73 (May 14, 2004). --------------------------------------------------------------------------- As a result of these changes, the amendments also include updates to the illustrative auditor's reports included throughout the auditing standards. In addition to illustrating the two changes described above, the updates to the reports include changing the title to ``Report of Independent Registered Public Accounting Firm.'' \11\ --------------------------------------------------------------------------- \11\ In the Board's final rule release, it notes that the amendments would not preclude an unregistered firm that applies PCAOB standards, when appropriate, from omitting ``Registered'' from the title of the report. See PCAOB Release No. 2015-002 at fn. 26 (March 31, 2015). --------------------------------------------------------------------------- b. Changes to PCAOB Rules The Proposed Reorganization amends PCAOB Rule 3200T to remove (1) the reference to AU sec. 150, which, as discussed above, is rescinded, and (2) terms such as ``interim auditing standards'' and ``generally accepted auditing standards.'' These terms are no longer relevant under the Proposed Reorganization. Additionally, the Proposed Reorganization makes the rule permanent, rather than temporary, and therefore removes the word ``Interim'' from its title. [[Page 57265]] 3. Applicability and Effective Date The PCAOB has proposed application of its Proposed Rules to audits of all issuers, including audits of emerging growth companies (``EGCs''),\12\ as discussed in section IV. below. The Proposed Rules also would apply to audits of SEC-registered brokers and dealers.\13\ --------------------------------------------------------------------------- \12\ The term ``emerging growth company'' is defined in Section 3(a)(80) of the Exchange Act. 15 U.S.C. 78c(a)(80). \13\ On July 30, 2013, the Commission adopted amendments to Rule 17a-5 under the Exchange Act to require, among other things, that audits of brokers' and dealers' financial statements be performed in accordance with the standards of the PCAOB for fiscal years ending on or after June 1, 2014. 17 CFR 240.17a-5. See Broker-Dealer Reports, Release No. 34-70073, (July 30, 2013), 78 FR 51910 (August 21, 2013), available at http://www.sec.gov/rules/final/2013/34-70073.pdf. --------------------------------------------------------------------------- The Proposed Rules would be effective as of December 31, 2016. However, auditors and others are not precluded from using and referencing the standards as reorganized pursuant to the Proposed Rules before the effective date because the amendments do not substantively change the standards' requirements.\14\ --------------------------------------------------------------------------- \14\ See PCAOB Release No. 2015-002 at 21. --------------------------------------------------------------------------- III. Comment Letters As noted above, the Commission received four comment letters concerning the Proposed Rules. Three commenters expressed support for the Proposed Rules,\15\ and the other commenter provided suggestions discussed further below.\16\ --------------------------------------------------------------------------- \15\ See Shatto Letter, Deloitte Letter and McMurtry Letter. \16\ See Wills Letter. --------------------------------------------------------------------------- One commenter stated that the new organizational structure will improve the usability of the PCAOB's auditing standards, including helping users navigate the standards more easily.\17\ Another commenter suggested adopting a similar structure used by the ASB and IAASB and reorganizing the PCAOB's attestation, quality control, and ethics and independence standards. This same commenter expressed concern regarding the rescission of AU sec. 532 and removal of references to non- authoritative other guidance in the Proposed Reorganization.\18\ Finally, one commenter suggested enhancements to improve the usability of the Proposed Reorganization, including a suggestion to embed PCAOB standards in the FASB's Accounting Standards Codification.\19\ The PCAOB addressed many of these comments in its Original Proposal, Supplemental Request, and final rule release. The Commission does not find the PCAOB's responses to be unreasonable. The comment on embedding PCAOB standards in the FASB's Accounting Standards Codification is outside the scope of the Proposed Rules. --------------------------------------------------------------------------- \17\ See Deloitte Letter. \18\ See McMurtry Letter. \19\ See Wills Letter. --------------------------------------------------------------------------- IV. The PCAOB's EGC Request Section 103(a)(3)(C) of the Sarbanes-Oxley Act provides that any additional rules adopted by the PCAOB subsequent to April 5, 2012 do not apply to the audits of EGCs, unless the Commission determines that the application of such additional requirements is necessary or appropriate in the public interest, after considering the protection of investors and whether the action will promote efficiency, competition, and capital formation.\20\ Having considered those factors, and as explained further herein, the Commission finds that applying the Proposed Rules to audits of EGCs is necessary or appropriate in the public interest. --------------------------------------------------------------------------- \20\ Section 103(a)(3)(C) of the Sarbanes-Oxley Act, as amended by section 104 of the JOBS Act. --------------------------------------------------------------------------- In proposing application of the Proposed Rules to audits of all issuers, including EGCs, the PCAOB requested that the Commission make the determination required by section 103(a)(3)(C). To assist the Commission in making its determination, the PCAOB prepared and submitted to the Commission its own EGC analysis. The PCAOB's EGC analysis includes discussions of characteristics of self-identified EGCs and economic considerations pertaining to audits of EGCs, including efficiency, competition, and capital formation. In its analysis, the Board states the reorganization of PCAOB auditing standards would involve amendments that do not impose additional requirements on auditors or change substantively the requirements of PCAOB standards. Thus, the reorganization, including the amendments, is not expected to affect the manner in which audits are performed and reported under PCAOB standards, including audits of EGCs. Additionally, reorganizing the PCAOB standards into a single, integrated organizational structure should make it easier for auditors and others to navigate, use, and apply the standards. The PCAOB's EGC analysis was included in the Commission's public notice soliciting comment on the Proposed Rules. Based on the analysis submitted, we believe the information in the record is sufficient for the Commission to make the requested EGC determination in relation to the Proposed Rules. V. Conclusion The Commission has carefully reviewed and considered the Proposed Rules and the information submitted therewith by the PCAOB, including the PCAOB's EGC analysis, and the comment letters received. In connection with the PCAOB's filing and the Commission's review, A. The Commission finds that the Proposed Rules are consistent with the requirements of the Sarbanes-Oxley Act and the securities laws and are necessary or appropriate in the public interest or for the protection of investors; and B. Separately, the Commission finds that the application of the Proposed Rules to EGC audits is necessary or appropriate in the public interest, after considering the protection of investors and whether the action will promote efficiency, competition, and capital formation. It is therefore ordered, pursuant to section 107 of the Sarbanes- Oxley Act and section 19(b)(2) of the Exchange Act, that the Proposed Rules (File No. PCAOB-2015-01) be and hereby are approved. By the Commission. Brent J. Fields, Secretary. [FR Doc. 2015-24019 Filed 9-21-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 183 / Tuesday, September 22, 2015 / Notices 57263
provisions of Section 6 of the Act,3 in furtherance of the purposes of the Act. For the Commission, by the Division of
general, and with Section 6(b)(4) and If the Commission takes such action, the Trading and Markets, pursuant to delegated
6(b)(5) of the Act,4 in particular, in that Commission shall institute proceedings authority.6
it provides for the equitable allocation to determine whether the proposed rule Brent J. Fields,
of reasonable dues, fees and other should be approved or disapproved. Secretary.
charges among members and issuers and [FR Doc. 2015–23974 Filed 9–21–15; 8:45 am]
IV. Solicitation of Comments
other persons using any facility or BILLING CODE 8011–01–P
system which NASDAQ operates or Interested persons are invited to
controls, and is not designed to permit submit written data, views, and
unfair discrimination between arguments concerning the foregoing, SECURITIES AND EXCHANGE
customers, issuers, brokers, or dealers. including whether the proposed rule COMMISSION
The Exchange’s proposal to remove change is consistent with the Act.
the references to NDX, not assess fees or Comments may be submitted by any of [Release No. 34–75935; File No. PCAOB–
surcharges for NDX or pay rebates for the following methods: 2015–01]
NDX is reasonable because the
Electronic Comments Public Company Accounting Oversight
Exchange is seeking to delist this index
from NOM on or before September 30, • Use the Commission’s Internet Board; Order Granting Approval of
2015. comment form (http://www.sec.gov/ Proposed Rules To Implement the
The Exchange’s proposal to remove rules/sro.shtml); or Reorganization of PCAOB Auditing
the references to NDX, not assess fees or • Send an email to rule-comments@ Standards and Related Changes to
surcharges for NDX or pay rebates for sec.gov. Please include File Number SR– PCAOB Rules and Attestation, Quality
NDX is equitable and not unfairly NASDAQ–2015–109 on the subject line. Control, and Ethics and Independence
discriminatory because no market Standards
Paper Comments
participant will be able to transact September 17, 2015.
options in NDX as of the delisting. • Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities I. Introduction
B. Self-Regulatory Organization’s and Exchange Commission, 100 F Street
Statement on Burden on Competition On June 17, 2015, the Public
NE., Washington, DC 20549–1090. Company Accounting Oversight Board
NASDAQ does not believe that the All submissions should refer to File (the ‘‘Board’’ or the ‘‘PCAOB’’) filed
proposed rule change will impose any Number SR–NASDAQ–2015–109. This with the Securities and Exchange
burden on competition not necessary or file number should be included on the Commission (the ‘‘Commission’’),
appropriate in furtherance of the subject line if email is used. To help the pursuant to section 107(b) 1 of the
purposes of the Act. The Exchange will Commission process and review your Sarbanes-Oxley Act of 2002 (the
delist NDX on or before September 30, comments more efficiently, please use ‘‘Sarbanes-Oxley Act’’) and section
2015 and no longer offer market only one method. The Commission will 19(b) 2 of the Securities Exchange Act of
participants the opportunity to transact post all comments on the Commission’s 1934 (the ‘‘Exchange Act’’), proposed
options in that index on NOM. The Internet Web site (http://www.sec.gov/ rules to adopt amendments to
removal of references to NDX from the rules/sro.shtml). Copies of the implement the reorganization of PCAOB
fee schedule does not impose an undue submission, all subsequent auditing standards and related changes
burden on competition because NOM amendments, all written statements to PCAOB rules and attestation, quality
Participants will not be able to transact with respect to the proposed rule control, and ethics and independence
options in NDX on NOM as of the change that are filed with the standards (collectively, the ‘‘Proposed
delisting. Commission, and all written Rules’’ or ‘‘Proposed Reorganization’’).3
C. Self-Regulatory Organization’s communications relating to the The Proposed Rules were published for
Statement on Comments on the proposed rule change between the comment in the Federal Register on
Proposed Rule Change Received From Commission and any person, other than June 25, 2015.4 At the time the notice
Members, Participants, or Others those that may be withheld from the was issued, the Commission designated
public in accordance with the a longer period to act on the Proposed
No written comments were either provisions of 5 U.S.C. 552, will be Rules, until September 23, 2015.5 The
solicited or received. available for Web site viewing and Commission received four comment
III. Date of Effectiveness of the printing in the Commission’s Public letters in response to the notice.6 This
Proposed Rule Change and Timing for Reference Room, 100 F Street NE., order approves the Proposed Rules.
Commission Action Washington, DC 20549, on official
business days between the hours of 6 17 CFR 200.30–3(a)(12).
The foregoing rule change has become
10:00 a.m. and 3:00 p.m. Copies of the 1 15 U.S.C. 7217(b).
effective pursuant to Section 2 15 U.S.C. 78s(b).
filing also will be available for
19(b)(3)(A)(ii) of the Act.5 3 The Board originally proposed in March 2013
inspection and copying at the principal
At any time within 60 days of the (‘‘Original Proposal’’) what became the Proposed
office of the Exchange. All comments Rules. See PCAOB Release No. 2013–002 (March,
filing of the proposed rule change, the
received will be posted without change; 26, 2013). The Board also issued a supplemental
Commission summarily may
the Commission does not edit personal request for comment in May 2014 (‘‘Supplemental
temporarily suspend such rule change if Request’’). See PCAOB Release No. 2014–001 (May
identifying information from
it appears to the Commission that such 7, 2014).
submissions. You should submit only
tkelley on DSK3SPTVN1PROD with NOTICES
action is: (i) Necessary or appropriate in 4 See Release No. 34–75251 (June 19, 2015), 80 FR
information that you wish to make 36602 (June 25, 2015).
the public interest; (ii) for the protection
available publicly. All submissions 5 Ibid.
of investors; or (iii) otherwise in
should refer to File Number SR– 6 See Comment letters from Suzanne H. Shatto,
NASDAQ–2015–109 and should be June 27, 2015, Deloitte & Touche LLP, July 8, 2015,
3 15 U.S.C. 78f. Michael McMurtry, July 28, 2015, and Stephen G.
4 15 U.S.C. 78f(b)(4) and (5). submitted on or before October 13, Wills, August 17, 2015, available at http://
5 15 U.S.C. 78s(b)(3)(A)(ii). 2015. Continued
VerDate Sep<11>2014 17:39 Sep 21, 2015 Jkt 235001 PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 E:\FR\FM\22SEN1.SGM 22SEN1](https://thefederalregister.org/doc/80_FR_57446/page/1.svg)
![Federal Register / Vol. 80, No. 183 / Tuesday, September 22, 2015 / Notices 57265
3. Applicability and Effective Date not find the PCAOB’s responses to be V. Conclusion
The PCAOB has proposed application unreasonable. The comment on The Commission has carefully
of its Proposed Rules to audits of all embedding PCAOB standards in the reviewed and considered the Proposed
issuers, including audits of emerging FASB’s Accounting Standards Rules and the information submitted
growth companies (‘‘EGCs’’),12 as Codification is outside the scope of the therewith by the PCAOB, including the
discussed in section IV. below. The Proposed Rules. PCAOB’s EGC analysis, and the
Proposed Rules also would apply to IV. The PCAOB’s EGC Request comment letters received. In connection
audits of SEC-registered brokers and with the PCAOB’s filing and the
dealers.13 Section 103(a)(3)(C) of the Sarbanes- Commission’s review,
The Proposed Rules would be Oxley Act provides that any additional A. The Commission finds that the
effective as of December 31, 2016. rules adopted by the PCAOB subsequent Proposed Rules are consistent with the
However, auditors and others are not to April 5, 2012 do not apply to the requirements of the Sarbanes-Oxley Act
precluded from using and referencing audits of EGCs, unless the Commission and the securities laws and are
the standards as reorganized pursuant to determines that the application of such necessary or appropriate in the public
the Proposed Rules before the effective additional requirements is necessary or interest or for the protection of
date because the amendments do not appropriate in the public interest, after investors; and
substantively change the standards’ considering the protection of investors B. Separately, the Commission finds
requirements.14 and whether the action will promote that the application of the Proposed
efficiency, competition, and capital Rules to EGC audits is necessary or
III. Comment Letters
formation.20 Having considered those appropriate in the public interest, after
As noted above, the Commission factors, and as explained further herein, considering the protection of investors
received four comment letters the Commission finds that applying the and whether the action will promote
concerning the Proposed Rules. Three Proposed Rules to audits of EGCs is efficiency, competition, and capital
commenters expressed support for the necessary or appropriate in the public formation.
Proposed Rules,15 and the other interest. It is therefore ordered, pursuant to
commenter provided suggestions In proposing application of the section 107 of the Sarbanes-Oxley Act
discussed further below.16 Proposed Rules to audits of all issuers, and section 19(b)(2) of the Exchange
One commenter stated that the new including EGCs, the PCAOB requested Act, that the Proposed Rules (File No.
organizational structure will improve that the Commission make the PCAOB–2015–01) be and hereby are
the usability of the PCAOB’s auditing determination required by section approved.
standards, including helping users 103(a)(3)(C). To assist the Commission
navigate the standards more easily.17 By the Commission.
in making its determination, the PCAOB Brent J. Fields,
Another commenter suggested adopting
prepared and submitted to the Secretary.
a similar structure used by the ASB and
Commission its own EGC analysis. The
IAASB and reorganizing the PCAOB’s [FR Doc. 2015–24019 Filed 9–21–15; 8:45 am]
PCAOB’s EGC analysis includes
attestation, quality control, and ethics BILLING CODE 8011–01–P
discussions of characteristics of self-
and independence standards. This same
identified EGCs and economic
commenter expressed concern regarding
considerations pertaining to audits of
the rescission of AU sec. 532 and SMALL BUSINESS ADMINISTRATION
EGCs, including efficiency, competition,
removal of references to non-
and capital formation. In its analysis, [Disaster Declaration #14467 and #14468]
authoritative other guidance in the
Proposed Reorganization.18 Finally, one the Board states the reorganization of
PCAOB auditing standards would Colorado Disaster #CO–00073
commenter suggested enhancements to
improve the usability of the Proposed involve amendments that do not impose AGENCY: U.S. Small Business
Reorganization, including a suggestion additional requirements on auditors or Administration.
to embed PCAOB standards in the change substantively the requirements
ACTION: Notice.
FASB’s Accounting Standards of PCAOB standards. Thus, the
Codification.19 The PCAOB addressed reorganization, including the SUMMARY: This is a notice of an
many of these comments in its Original amendments, is not expected to affect Administrative declaration of a disaster
Proposal, Supplemental Request, and the manner in which audits are for the State of Colorado dated 09/16/
final rule release. The Commission does performed and reported under PCAOB 2015.
standards, including audits of EGCs. Incident: Landslides.
12 The term ‘‘emerging growth company’’ is Additionally, reorganizing the PCAOB Incident Period: 04/24/2015 and
defined in Section 3(a)(80) of the Exchange Act. 15 standards into a single, integrated continuing.
U.S.C. 78c(a)(80). organizational structure should make it Effective Date: 09/16/2015.
13 On July 30, 2013, the Commission adopted
easier for auditors and others to Physical Loan Application Deadline
amendments to Rule 17a-5 under the Exchange Act Date: 11/16/2015.
to require, among other things, that audits of navigate, use, and apply the standards.
brokers’ and dealers’ financial statements be The PCAOB’s EGC analysis was Economic Injury (EIDL) LOAN
performed in accordance with the standards of the included in the Commission’s public Application Deadline Date: 06/16/2016.
PCAOB for fiscal years ending on or after June 1, ADDRESSES: Submit completed loan
2014. 17 CFR 240.17a-5. See Broker–Dealer Reports,
notice soliciting comment on the
Release No. 34–70073, (July 30, 2013), 78 FR 51910 Proposed Rules. Based on the analysis applications to: U.S. Small Business
(August 21, 2013), available at http://www.sec.gov/ submitted, we believe the information Administration, Processing And
tkelley on DSK3SPTVN1PROD with NOTICES
rules/final/2013/34-70073.pdf. in the record is sufficient for the Disbursement Center, 14925 Kingsport
14 See PCAOB Release No. 2015–002 at 21.
Commission to make the requested EGC Road, Fort Worth, TX 76155.
15 See Shatto Letter, Deloitte Letter and McMurtry
determination in relation to the FOR FURTHER INFORMATION CONTACT: A.
Letter.
16 See Wills Letter. Proposed Rules. Escobar, Office of Disaster Assistance,
17 See Deloitte Letter. U.S. Small Business Administration,
18 See McMurtry Letter. 20 Section 103(a)(3)(C) of the Sarbanes-Oxley Act, 409 3rd Street SW., Suite 6050,
19 See Wills Letter. as amended by section 104 of the JOBS Act. Washington, DC 20416.
VerDate Sep<11>2014 17:39 Sep 21, 2015 Jkt 235001 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 E:\FR\FM\22SEN1.SGM 22SEN1](https://thefederalregister.org/doc/80_FR_57446/page/3.svg)
Document Created: 2015-12-15 09:35:21
Document Modified: 2015-12-15 09:35:21
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 57263 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR