Navigating SEC filing requirements and PCAOB auditing standards can be complex, and the forms involved can be challenging to navigate. When you work with a reliable and experienced CPA firm like Assurance Dimensions, we can help make the public company audit process easier with reliable SOX compliance and internal control readiness.
In this post, we’ll walk through five key forms required for SEC filings and explain what each one means for your compliance strategy.
Form 1-A: Regulation A Offering Statement
SEC Form 1-A is used by companies seeking an exemption from the registration requirements for specific public offerings under Regulation A of the Securities Act of 1933.
Who is required to file Form 1-A?
Form 1-A is an offering statement and must be filed with the Securities and Exchange Commission (SEC) before any securities can be offered for sale. It outlines the details of the securities to potential investors. Generally, Form 1-A is used by smaller companies and startups who have already raised capital—or plan to in the near future—and wish to go public.
Form 10-K: Annual Report
Form 10-K is an annual report all publicly traded companies submit to the SEC. Form 10K provides a comprehensive overview of the company’s financial condition. It includes detailed information about financial performance, including audited financial statements provided by an independent PCAOB-registered auditor.
Form 10-K has several parts: a business summary, management discussion and analysis, financial statements, and a section for discussion on legal proceedings.
Who is required to file Form 10-K?
To meet SEC and PCAOB auditing standards, all public companies that file with the SEC must submit an annual report on Form 10-K. Companies are required to submit Form 10-K within 60 to 90 days of the close of their fiscal year.
Form 10-Q: Quarterly Report
Form 10-Q is a quarterly report submitted to the SEC. It’s an abbreviated version of Form 10-K and briefly overviews the company’s ongoing financial health. Unlike Form 10-K, financial statements on Form 10-Q are unaudited and only give a snapshot of the company’s financial position at the end of the quarter. The deadline to file is within 40 or 45 days of the close of the quarter, depending on the company’s size of its public float.
Who is required to file Form 10-Q?
All public companies filing with the SEC are required to submit a quarterly report on Form 10-Q.
Form 8-K: Current Report
Form 10-K is used to disclose material events that may affect an investor’s decision to buy, sell, or hold a security. Examples of material events include:
- Mergers
- Acquisition
- Bankruptcy
- Change in control
- Resignation of directors or other officers
- Material impairments
- Disposition of assets
Who is required to file Form 8-K?
Public companies filing with the SEC must submit a Form 8-K within four business days of the qualifying event.
Form 10: Registration Statement
Form 10, also called the General Form for Registration of Securities, is used for registering securities offerings with the SEC. It’s used to register offerings of stocks and bonds and other types of securities for potential trading on U.S. exchanges. Form 10 must be filed before any securities can be traded publicly.
What does Form 10 include?
This form requires detailed disclosures that provide factual financial information about the company, its operations, and its financial condition. Form 10 disclosures are similar to those needed in a 10-K or 10-Q.
Who is required to file Form 10?
The SEC requires companies with a total asset value of over $10 million and 750 or more shareholders to file Form 10. Companies under these thresholds can file Form 10 voluntarily. Once a company submits Form 10, it becomes subject to the reporting requirements and PCAOB auditing standards of the Securities Exchange Act of 1934.
CPAs Who Understand SOX 404 Compliance
Assurance Dimensions continues to support public companies with internal control evaluations and compliance services. As a PCAOB-registered public accounting firm, our team specializes in SOX 404 compliance, helping companies establish, document, and assess the effectiveness of their internal controls over financial reporting.
Whether you’re preparing for your first audit or need help maintaining year-round compliance, our team of professionals is here to guide you through the process with clarity and confidence.
Reach out today to learn how Assurance Dimensions can support your SOX 404 compliance needs.
