Because of definitional changes the SEC made in 2018, some SRCs, formerly classified as nonaccelerated ­filers, were catapulted into either the accelerated filer or large accelerated filer category. Companies in those two categories need independent auditors to report on management’s assessment of the effectiveness of their internal control over financial reporting (ICFR).

The SEC is proposing to amend the definitions of accelerated filer and large accelerated filer to exclude any issuer that’s eligible to be an SRC under the revenue test, where the SRC threshold was raised in 2018 from less than $50 million to less than $100 million annually for companies with no public float.

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