Nasdaq Listing Standards: Nasdaq Proposes to Require Listed Companies to Establish and Maintain an Internal Audit Function

Sullivan & Cromwell LLP - March 12, 2013

In a release issued on March 4, 2013, the SEC announced that the Nasdaq Stock Market filed a proposed rule change that would require each listed company to “establish and maintain an internal audit function to provide management and the audit committee with ongoing assessments of the Company’s risk management processes and system of internal control.” A similar rule already exists for companies listed on the New York Stock Exchange pursuant to NYSE Listed Company Manual Section 303A.07(c).