There's a lot to it - not as easy as 1, 2, 3. Who audits your financials? They should know all of this.
1) an entity is considered an accelerated filer as of 12/31 for the year in which they were in excess of $75 million in non-affiliated market capitalization as of 6/30 for that year. To find public float:
Gross Number of shares outstanding (as of June 30)
-(minus) Insider Shares (as of June 30)
Multiplied by share price (as of June 30)
An accelerated filer is one that meets all of the following conditions as of the end of its fiscal year:
- The registrantís common equity public float was $75 million or more as of the last business day of its most recently completed second fiscal quarter;
- The registrant has been reporting under Section 13(a) or 15(d) of the 1934 Act for at least 12 months;
- The registrant has previously filed at least one annual report; and
- The registrant is not eligible to report under the small business issuer rules.
2) if you qualify as an Accelerated Filer - then you'll need need the auditor attestation on internal controls. You'll have to work with your auditor and see where they are comfortable.
Example: my auditors (A CPA Firm) are comfortable with most of my testing as an independent source, but they do conduct their own sampling of controls.