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NASDAQ Internal Audit Requirement

NASDAQ Internal Audit Requirement

The NASDAQ Internal Audit Requirement

The NASDAQ has recently proposed a new rule to require listed companies to establish and maintain an internal audit function. The proposed rule is currently under review by the Securities and Exchange Commission (SEC).

An internal audit function reviews and assesses the integrity of internal controls in financial reporting, as well as compliance, operations, information technology, and other risk areas of the business. Any identified internal control weaknesses are remediated to strengthen risk management. The proposed rule is intended to protect investors and public interest by increasing the integrity of a listed company’s financial reports. This is a similar rule that was imposed by the NYSE a number of years ago on NYSE listed companies.

NASDAQ rescinds Internal Audit Requirement proposal

The proposed NASDAQ Internal Audit Rule includes four key points:

A company listed on NASDAQ on or before June 30, 2013, will be required to establish an internal audit function by no later than December 31, 2013. A company listed after June 30, 2013, must establish the function prior to listing.

The SEC is currently seeking comments on the proposed rule.

For more information on the NASDAQ Internal Audit Requirement please contact the internal audit experts at Vonya Global.
Request information on the NASDAQ Internal Audit Requirement

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