Bill · H.R. 10477· House(119-HR-10477)
Small Business Audit Correction Act of 2026
- Introduced
- 9/17/2026
- Last activity
- 9/17/2026 — Referred to the House Committee on Financial Services.
- Sponsored by
- J. Hill
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
This bill is known as the Small Business Audit Correction Act of 2026. It amends the Sarbanes-Oxley Act of 2002 to exclude certain businesses from specific audit requirements under title I of that Act. Specifically, the exemption applies to privately held, non-carrying brokers and dealers that are in good standing. The legislation also requires the Securities and Exchange Commission and the Public Company Accounting Oversight Board to update their regulations to match this new exemption within 180 days. Finally, the bill ensures that these excluded entities must still use qualified and independent auditors and continue filing required exemption reports.
Yes
Would business owners be better off under this?+5
The bill eases regulatory and compliance costs for owners of qualifying small broker-dealers.
Does this make it easier to run a small business?+5
The bill reduces regulatory and audit burdens for eligible privately held, non-carrying small broker-dealers.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
- Section 2: This section exempts privately held, non-carrying brokers and dealers in good standing from certain audit requirements under title I of the Sarbanes-Oxley Act of 2002. This might be considered positive because it could reduce regulatory burdens and compliance costs for qualifying small businesses and privately held firms.
Potential Negative Impacts for People
- Section 2: By excluding certain privately held, non-carrying brokers and dealers from specific audit requirements under title I of the Sarbanes-Oxley Act of 2002, oversight of these entities is reduced. This might be considered a negative burden or consequence for the public because it removes certain standard federal audit checks for these specific firms, even though they must still meet other general auditing standards and filing rules.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+5
- Economy And Finance
- Improves Small Business Support+5
- 9/24/2026
- 1 Cosponsor added.
- 9/17/2026
- Referred to the House Committee on Financial Services.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Andy BarrRepublican · Kentucky