Small Business Audit Correction Act - Suggested Talking Points For House Members

Small Business Audit Correction Act
Suggested Talking Points for Calls to YOUR House of Representatives Congressman/woman

•    My name is xxx and I am a constituent of Representative xxx.  I also own/operate/work for a small business in Rep. XXX district.

•    I am calling in support of the Small Business Audit Correction Act [H.R. 6021].

•    The bill requests a specific exemption for small, privately-held, non-custodial brokers and dealers from the requirement to hire a Public Company Accounting Oversight Board (PCAOB)-registered audit firm. Specifically, this bill would right-size the audit requirements to more appropriate standards for Main Street, small business broker-dealer firms like mine while still providing quality customer and investor protections.

•    The one-size-fits-all PCAOB audit standards were designed for public companies and are priced accordingly.  The unnecessary legislative and regulatory burdens and significant (and unsustainable) increase in prices for the newly required PCAOB annual audits have been devastating to small businesses, including mine. (Please give examples.)

•    As a small-business owner/operator/executive (state whatever your position is with your broker/dealer here) in the Representative’s district/state, my firm would greatly benefit from this legislation. 

•    Therefore, I strongly urge Representative XXX to support the Small Business Audit Correction Act [H.R. 6021].  

•    (For Financial Services Committee Members) I also urge Representative XXX to support the legislation at the next mark-up of bills considered by the Financial Services Committee scheduled for next week.