SEC Financial Reporting Release No. 49 Implementation of Section 10-A of the SEC Act of 1934

Securities and Exchange Commission (SEC) Financial Reporting Release No. 49, Implementation of Section 10-A of the SEC Act of 1934 , requires that the auditor of an issuer's financial statements report to the issuer's board of directors certain uncorrected illegal acts of the issuer, and that the issuer notify SEC that it has received such a report. If the issuer fails to provide that notice, the auditor is required to furnish the report directly to the SEC.