Small Business Audit Correction Act of 2026
The source supplies the latest action, but no lifecycle stage.
Latest action (22 Sep 2026): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
The Small Business Audit Correction Act of 2026, introduced by Senator Tom Cotton, proposes to amend the Sarbanes-Oxley Act of 2002. Specifically, it aims to exempt certain privately held, non-carrying brokers and dealers that are in good standing from particular requirements within Title I of that act. The bill defines what constitutes a "non-carrying broker or dealer," "privately held," and "in good standing" based on various criteria related to registration, membership, financial compliance, and absence of specific legal or disciplinary actions.
This legislation would affect privately held, non-carrying brokers and dealers that meet the specified criteria for being in "good standing." These firms would no longer be subject to certain audit requirements under Title I of the Sarbanes-Oxley Act. The bill also mandates that the Securities and Exchange Commission and the Public Company Accounting Oversight Board make necessary regulatory amendments within 180 days of enactment.
As of September 22, 2026, the bill has been introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. It has not yet moved beyond this initial referral. If it were to advance, it would need to be considered and passed by the committee, then by the full Senate, and subsequently by the House of Representatives before it could be sent to the President.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
22 Sep 2026
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does S. 5454 do?
- The Small Business Audit Correction Act of 2026, introduced by Senator Tom Cotton, proposes to amend the Sarbanes-Oxley Act of 2002. Specifically, it aims to exempt certain privately held, non-carrying brokers and dealers that are in good standing from particular requirements within Title I of that act. The bill defines what constitutes a "non-carrying broker or dealer," "privately held," and "in good standing" based on various criteria related to registration, membership, financial compliance, and absence of specific legal or disciplinary actions. This legislation would affect privately held, non-carrying brokers and dealers that meet the specified criteria for being in "good standing." These firms would no longer be subject to certain audit requirements under Title I of the Sarbanes-Oxley Act. The bill also mandates that the Securities and Exchange Commission and the Public Company Accounting Oversight Board make necessary regulatory amendments within 180 days of enactment. As of September 22, 2026, the bill has been introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. It has not yet moved beyond this initial referral. If it were to advance, it would need to be considered and passed by the committee, then by the full Senate, and subsequently by the House of Representatives before it could be sent to the President.
- Has S. 5454 become law?
- The source does not supply a confirmed lifecycle stage for S. 5454. Check the latest action and official source below.
- Who sponsored S. 5454?
- S. 5454 was sponsored by Sen. Cotton, Tom [R-AR] (R-AR), with 0 cosponsors.
- What's the latest action on S. 5454?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (22 Sep 2026).
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