SEC proposes exempting 1,700 companies from internal control audits
- —The 404(b) audit exemption threshold would rise from $700 million to $2 billion
- —About 1,700 public companies would be exempted
- —Auditors would lose about $430 million in annual revenue
- —Exempted companies paid $3.8 billion in total audit fees
Why it matters: Loosening rules introduced after Enron reduces independent oversight of financial reporting, potentially raising risks for public company investors.
Source: Crypto Briefing