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Do financials submitted with the Form 211 have to be audited?

April 26, 2017audited form submitted

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Do financials submitted with the Form 211 have to be audited?

2 Answers

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Yes, the periodic reporting requirements under NASD Rule 6530 require annual audits of an OTCBB issuer’s financial statements. However, current FiNRA rules do not require the financial statements of Pink Sheet issuers to be audited, but they should be prepared in accordance with GAAP or, for foreign issuers, in accordance with their home country’s accounting standards.

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Yes, the periodic reporting requirements under Sections 13 or 15(d) of the new Eligibility Rule require annual audits of an issuer’s financial statements.