1. Short title This Act may be cited as the Small Business Audit Correction Act of 2018 . 2. Exemption (a) Amendments to the Sarbanes-Oxley Act of 2002 Title I of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7211 et seq.) is amended— (1) in section 101(e)(1) ( 15 U.S.C. 7211(e)(1) ), by striking brokers, and dealers and inserting brokers, dealers, and non-custody brokers or dealers that are privately held and in good standing ; and (2) in section 110 ( 15 U.S.C. 7220 )— (A) in paragraph (3)— (i) by striking The term and inserting Except as otherwise expressly provided, the term ; and (ii) by inserting , except that the term does not include a non-custody broker or dealer that is privately held and in good standing after registered public accounting firm ; (B) in paragraph (4)— (i) by striking The term and inserting Except as otherwise expressly provided, the term ; and (ii) by inserting , except that the term does not include a non-custody broker or dealer that is privately held and in good standing after registered public accounting firm ; (C) by redesignating paragraphs (5) and (6) as paragraphs (8) and (9), respectively; and (D) by inserting after paragraph (4) the following: (5) In good standing The term in good standing means, with respect to a broker or dealer (as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )), that, as of the last day of the most recently completed fiscal year of the broker or dealer, as applicable, the broker or dealer— (A) was registered with the Commission; (B) was licensed by, and registered with, the Financial Industry Regulatory Authority or a national securities exchange that is registered with the Commission under section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f ); (C) was compliant with the minimum dollar net capital requirements under section 240.15c3–1 of title 17, Code of Federal Regulations, or any successor regulation