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Executive Summary

The Jumpstart Our Businesses Startups (JOBS) Act granted some relief from the burdens of the Sarbanes-Oxley Act of 2002 (SOX) requirements for emerging growth companies. While the relief was welcome, the changes caused some confusion. For any new public company, regardless of size, management is responsible for designing effective internal controls over financial reporting (ICFR) for testing and reporting the effectiveness of those controls beginning with the company's second Form 10-K. In addition, this year’s stock market rally could result in a change to a public company’s filing status that accelerates filing deadlines and may require auditor attestation about the effectiveness of ICFR under SOX. This paper provides a guide to navigating these complex rules.


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