The SEC Rules

  Financial reporting for America's small businesses

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5 July 2007 SEC proposes consolidation of Regulation S-B rules into Reg. S-K

27 June 2007 SEC proposes reducing holding periods under Rule 144

15 Dec. 2006 SEC again extends Section 404 compliance date for non-accelerated filers

Archives: 2005



The Sarbanes-Oxley Act greatly reduced the services that auditors could provide and generally required that such services be pre-approved by the issuer’s audit committee.

Audits of annual financial statements and reviews of interim financial statements are now the principal services that auditors may perform for their public company clients.  Audit related, corporate tax and certain other limited services are also permitted if pre-approved by the audit committee.  A wide range of other services, including accounting, bookkeeping, financial statement preparation, various systems design and consulting, audit committee advisement and many others can no longer be provided by an issuer’s auditor.  This has resulted in issuers needing to retain two or more CPA firms to provide the range of services that a single accounting firm could previously frequently provide.

In addition, while any accounting or consulting firm may provide non-audit services, only an accounting firm registered with the Public Company Accounting Oversight Board may audit or review the financial statements of issuers reporting to the SEC.

Our founder is the quality control partner for a registered accounting firm, based in New York, which provides audit and review services exclusively to small public companies, IPO candidates or target companies of existing issuers.  Services of this nature are readily available from this affiliated registered firm, provided The SEC Rules does not perform any of the functions or services prohibited by Sarbanes-Oxley.  If, on the other hand, accounting, financial statement or fore-part preparation or any other consulting services are required, we at The SEC Rules will help select and/or interface with the company’s registered audit firm through the completion of the engagement.