IMD Companies Inc (ICBU)

[powerbattles]

STILL CLUELESS? SECTION 404(B)SARBANES-OXLEY ACT. COMPANIES WITH MARKET CAPITALIZATION OF LESS THAN $75 MILLION ARE EXEMPTED FROM THE AUDITOR ATTESTATION PROVISION IN SECTION 4049B0B.

SEC Advisory Committee
on Small and Emerging
Companies
September 13, 2017

Current state
• Approximately 50% of companies today are non-accelerated filers and as a result are exempt from 404(b)
https://www.sec.gov/info/smallbus/acsec/leonard-combs-pwc-acsec-091317.pdf

The Dodd-Frank Wall Street Reform law enacted last July had already granted a reprieve to small cap companies under $75 million by giving them an exemption from Section 404(b).
https://www.insurancejournal.com/news/national/2011/04/25/196216.htm

Right now, only non-accelerated filers (those with a market cap of $75 million or less) are exempt from Section 404(b), the annual audit of ICFR.

http://www.radicalcompliance.com/2017/02/23/tale-sound-fury-404b-debate/

ICBU FILED FINANCIAL STATEMENT REPORTED THAT MEET THE LAW AND THE SEC REQUIREMENT. IT'S ALL GOOD IN THE EYES OF THE SEC. ICBU ARE UNDER EXEMPT, NO MANDATORY REQUIRED BY THE LAW OR THE SEC TO PERFORM CONCLUDING AUDIT FINANCIAL STATEMENT.