Small brokers get relief from strict audit rules.
H.R. 10477 — Small Business Audit Correction Act of 2026 · Filed by J. Hill (R-AR) · 1 cosponsor · Introduced Sep 17, 2026 · Referred to committee
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What it does
This bill lets small brokers skip certain audits if they meet strict rules. A broker must have no more than 150 registered representatives. It must not hold customer money or securities. It must have no felonies or enforcement actions in the past 10 years. These brokers still need yearly audits, but not from PCAOB auditors.
Who it affects
Small brokers and dealers benefit by paying less for audits. Customers of these small brokers may have less oversight of their trades. Accounting firms may get more business.
One thing to notice
Brokers with violations from 11 years ago can still qualify. The rule only looks back 10 years.
From the analysis of the bill text, linked under Primary records below.
Where it stands
1 cosponsor: 1 Republicans.
- Sep 17, 2026 — Introduced · Congress.gov: “Introduced in House”
- Sep 17, 2026 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- PCAOB — A group that checks audits of brokers and public companies to protect investors.
- registered representatives — People who work for a broker and sell stocks or investments to customers.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (7,714 characters) on Sep 24, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,986 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-26.
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