Archive | 2010

The Dodd-Frank Wall Street Reform and Consumer Protection Act

1 Jul
By: Daniel W. Rumsey

What’s in it for me (or you), and should we be worried?

The Act

President Barack Obama today signed into law the Dodd- Frank Wall Street Reform and Consumer Protection Act, clearing the way for new regulations likely to affect most public companies, accounting firms, financial institutions and consumers in one way or another. However, the provision most likely to bring relief to non-accelerated filers, which include smaller reporting companies with a public float of less than $75.0 million, and a smile to the face of their chief financial officers and shareholders, is the provision permanently exempting these companies from Sarbanes Oxley Section 404(b), the so called auditor attestation requirement. This requirement mandates that companies evaluate the internal controls over financial reporting and have their conclusions audited by their external auditors. The exemption found a receptive audience in Congress, despite the SEC’s objections.

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