Small Business Audit Correction Act - Suggested Talking Points for Senators

Small Business Audit Correction Act
Suggested Talking Points for Calls with YOUR Senators

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

•    I am calling in support of the Small Business Audit Correction Act [S. 3004].

•    The bill would request 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 unbelievably costly, burdensome and harmful 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 Senator’s district/state, my firm would greatly benefit from this legislation. 

•    Therefore, I strongly urge Senator XXX to support the Small Business Audit Correction Act [S. 3004].