1. Short title This Act may be cited as the Small Business Audit Correction Act of 2019 . 2. Exemption (a) Amendments to the Sarbanes-Oxley Act of 2002 Section 110 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7220 ) is amended— (1) in paragraph (3), 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 ; (2) in paragraph (4), 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 ; (3) by redesignating paragraphs (5) and (6) as paragraphs (8) and (9), respectively; and (4) 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) is registered with the Commission; (B) is a member of an association that is registered as a national securities association under section 15A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–3 ); (C) is compliant with the minimum dollar net capital requirements under section 240.15c3–1 of title 17, Code of Federal Regulations, or any successor regulation; (D) has not, during the 10-year period preceding that date, been convicted of a felony under Federal or State law; (E) does not have a person associated with the broker or dealer, as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ), that, during the 10-year period preceding that date, has been convicted of a felony for fraudulent conduct under Federal or State law; and (F) is not subject to statutory disqualification by reason of being— (i) expelled or suspended from— (I) an association that is registered as described in subparagraph (B)