Small Business Audit Correction Act of 2026
The source supplies the latest action, but no lifecycle stage.
Latest action (17 Sep 2026): Referred to the House Committee on Financial Services.
What this bill does
H.R. 10477, the Small Business Audit Correction Act of 2026, would amend the Sarbanes-Oxley Act of 2002. Specifically, it would exempt privately held, non-carrying brokers and dealers that are in good standing from certain audit requirements under Title I of that Act. The bill defines what it means for such a broker or dealer to be "in good standing" and "privately held," and establishes criteria for a "non-carrying broker or dealer."
This bill would primarily affect privately held, non-carrying brokers and dealers that meet the bill's specified criteria for being in good standing. These businesses would be excluded from specific audit requirements currently mandated by the Sarbanes-Oxley Act. The Securities and Exchange Commission and the Public Company Accounting Oversight Board would be required to make regulatory amendments within 180 days of the bill's enactment.
The bill was introduced in the House of Representatives on September 17, 2026, and has been referred to the Committee on Financial Services. It has not yet advanced beyond this stage. If enacted, the changes would take effect 180 days after the date of enactment.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
17 Sep 2026
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 10477 do?
- H.R. 10477, the Small Business Audit Correction Act of 2026, would amend the Sarbanes-Oxley Act of 2002. Specifically, it would exempt privately held, non-carrying brokers and dealers that are in good standing from certain audit requirements under Title I of that Act. The bill defines what it means for such a broker or dealer to be "in good standing" and "privately held," and establishes criteria for a "non-carrying broker or dealer." This bill would primarily affect privately held, non-carrying brokers and dealers that meet the bill's specified criteria for being in good standing. These businesses would be excluded from specific audit requirements currently mandated by the Sarbanes-Oxley Act. The Securities and Exchange Commission and the Public Company Accounting Oversight Board would be required to make regulatory amendments within 180 days of the bill's enactment. The bill was introduced in the House of Representatives on September 17, 2026, and has been referred to the Committee on Financial Services. It has not yet advanced beyond this stage. If enacted, the changes would take effect 180 days after the date of enactment.
- Has H.R. 10477 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 10477. Check the latest action and official source below.
- Who sponsored H.R. 10477?
- H.R. 10477 was sponsored by Rep. Hill, J. French [R-AR-2] (R-AR), with 1 cosponsor.
- What's the latest action on H.R. 10477?
- Referred to the House Committee on Financial Services. (17 Sep 2026).
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