Sec. 404. MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS
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## SEC. 404 MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS **[**[15 U.S.C. 7262](/us/usc/t15/s7262)**]** ###
(a)Rules Required The Commission shall prescribe rules requiring each annual report required by section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) to contain an internal control report, which shall— ####
(1)state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and ####
(2)contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting. ###
(b)Internal Control Evaluation and Reporting With respect to the internal control assessment required by subsection (a), each registered public accounting firm that prepares or issues the audit report for the issuer, other than an issuer that is an emerging growth company (as defined in section 3 of the Securities Exchange Act of 1934), shall attest to, and report on, the assessment made by the management of the issuer. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Any such attestation shall not be the subject of a separate engagement. ###
(c)Exemption for Smaller Issuers Subsection
(b)shall not apply with respect to any audit report prepared for an issuer that is neither a “large accelerated filer” nor an “accelerated filer” as those terms are defined in Rule 12b–2 of the Commission (17 C.F.R. 240.12b–2).
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- 17 CFR 240.12
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