The jobs act created a new category of issuer, called an "Emerging Growth" (ECG) company, in the interest of stimulating equity investment in companies by modifying the regulations surrounding registration, capital-raising activities, and compliance requirements. To qualify for this category, a company must have produced less than 1 billion of revenue in it's prior fiscal year (and must not have sold common equity in a registered offering prior to December 8, 2011). A qualifying company would lose ECG status when one of the following occurs:

• Five years elapse from the IPO date
• Company produces more than 1 billion in gross revenue
• Company issues more than 1 billion in non-convertible debt within a 3-year period
• Company reaches accelerated-filer status (>$700MM public market float)

As an ECG, a company would be exempt from an external audit of their internal controls over financial reporting (SOX 404(b)) as long as they maintain ECG status. This would be a maximum of 5 years from the IPO date if no other conditions specified above are met before that time.

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Tags: Internal Controls, Pre-IPO, 404, SOX, internal control

Open Offer to Mitt Romney & Newt Gingrich: I would pay you each $10,000 to hold a 1 hour publicized debate with me about Sarbanes-Oxley Section 404(a), (b), and (c).

Let's speak seriously about this issue.

 

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, Announcements, 404, 404 audit, Non-accelerated filer 404(b) information, SOX Basic®, SOX Compliance Made Simple, Wall Street Reform, Sarbanes-Oxley Training, risk management, Sarbanes-Oxley, Internal Control Education

We thought we'd share this interesting question:

 From Ignacio (Iggy) F. 

• Can you provide an opinion about SOX and Latin America. I need information for a personal project related to companies listed on the NYSE and what are their main concern of these companies related to corporate governance & SOX. Thanks!! iggy

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, 404, 404 audit, Sarbanes-Oxley Training, Sarbanes-Oxley, Internal Control Education

From Barney Frank just now....oh, this will be an interesting year! This is still early but the ramifications could affect the Sarbanes-Oxley 404(c) permanent reprieve for non-accelerated filers which could cause a need for external audit to review the internal controls of all public companies...we will keep you posted.

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Tags: Sarbanes-Oxley Articles & Information, 404, Wall Street Reform, SEC

Join us for our SSAE 16 Webinar Series

Due to large demand, Vibato has access more dates for our complimentary webinar on how to review your vendors internal control by using their SSAE 16 document (formerly known as SAS 70).

* Title: SAS 70 to SSAE 16: How to Review your Vendors Internal Control Report  * Presenter: Teresa Bockwoldt, Vibato Co-Founder * Date: Starting on March 8, 2012 and continuing each week until April 12, 2012 * Time: 12:00PM - 1:00PM PST * Cost: FREE Vibato, LLC, a leading provider of internal control solutions, invites you to attend a group-internet-live based seminar.  At this free event, our internal control experts will discuss and demonstrate ways to review the new SSAE 16 documents (previously called SAS 70) to ensure your company understands the usefulness of this document, how it can impact your organization, when to ask for one, and what to do with it once you have it.  Who Should Attend?  CFOs, Controllers, Internal Audit, Compliance Executives, Audit Committee Members, External Auditors, Audit Firm Staff Development Directors, are encouraged to attend.    Attendees will receive our complimentary SSAE 16 Analysis Document as a thank you for attending.    Time will be allocated for Q&A with the presenter at the end of the webinar.   Title: SAS 70 to SSAE 16: How to Review your Vendors Internal Control Report   Register for a session now by clicking a date below: Thu, Mar 8, 2012 12:00 PM - 1:00 PM PDT Thu, Mar 15, 2012 12:00 PM - 1:00 PM PDT   Thu, Mar 22, 2012 12:00 PM - 1:00 PM PDT   Thu, Mar 29, 2012 12:00 PM - 1:00 PM PDT   Thu, Apr 5, 2012 12:00 PM - 1:00 PM PDT   Thu, Apr 12, 2012 12:00 PM - 1:00 PM PDT Time: 12:00 PM - 1:00 PM PST   After registering you will receive a confirmation email containing information about joining the Webinar.   System Requirements PC-based attendees Required: Windows® 7, Vista, XP or 2003 Server   Macintosh®-based attendees Required: Mac OS® X 10.5 or newer     Space is limited. Reserve your Webinar seat now!

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, Compliance tools, 404, 404 audit, SSAE 16, Sarbanes-Oxley Training, compliance, internal control, SAS 70, Internal Control Education, internal control tips