A bill advertised as creating jobs at small businesses and increasing their access to capital from the public markets would also knock down many of the auditing controls protecting investors.

The so-called JOBS Act has already passed in the House and is making steady progress in the Senate, thanks to bipartisan support from lawmakers in Congress, in addition to the White House. While the bill has a number of positive features that are appealing to both parties, it also contains worrisome provisions that are beginning to raise warning flags from the Securities and Exchange Commission and auditing watchdogs like the Center for Audit Quality.

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