What internal control over financial reporting evaluation does SEC Rule 13a-15 require of public company management? Answer in under 100 words. Cite only eCFR (www.ecfr.gov) sources.

Details / How it works

Management’s evaluation includes participation by the principal executive and principal financial officers, or persons performing similar functions. The evaluation must be based on a suitable, recognized control framework established by a body that followed due‑process procedures, including broad public comment.

Numbers & thresholds

Exceptions & edge cases

Foreign private issuers evaluate disclosure controls and procedures as of the end of each fiscal year instead of each fiscal quarter. For foreign private issuers, the assessment of changes in internal control is performed as of the end of the fiscal year rather than each quarter. Investment companies registered under Section 8 of the Investment Company Act of 1940 must evaluate internal control within the 90‑day period prior to the filing date of each report requiring certification under § 270.30a‑2. Asset‑Backed Issuers, small business investment companies registered on Form N‑5, and unit investment trusts defined under Section 4(2) of the Investment Company Act of 1940 are excluded from the internal control over financial reporting requirements.