The Securities and Exchange Commission has granted 45 more days to comment on the Nasdaq proposed internal audit function rule.
In March, the SEC requested public comments on a proposal from Nasdaq to require Nasdaq-listed companies to attain an internal audit function (see Nasdaq Proposes Requiring Listed Companies to Establish Internal Audit Function). The proposed rule stated that companies that were listed on Nasdaq on or before June 30, 2013, would be required to establish an audit function no later than Dec. 31, 2013. As for companies listed after June 30, 2013, they would be required to establish an internal audit function before listing.
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