Requirements on CPA ANNUAL LIMITS ON COMPANY CROWDFUNDING
Title III permits companies to raise an aggregate $1 million over a 12-month period through the use of a registered broker-dealer or crowdfunding portal. Depending on the amount to be raised, companies seeking crowdfunding, also known as issuers, may be required to have GAAP basis financials statements either reviewed or audited by an independent CPA firm.
Amounts under $100,000 require presentation of internal financial statements.
Amounts between $100,000 and $500,000 require financial statements to be reviewed by an independent CPA firm.
Amounts between $500,001 and $1,000,000 require financial statements to be audited by an independent CPA firm.
Issuers offering more than $500,000 for the first time are given a one-time exemption from the audit requirement. Instead, these companies are permitted to have an independent CPA firm simply review their financial statements, as opposed to auditing them.