On May 7, 2013, NASDAQ issued a rule update alert announcing its withdrawal of a proposed rule that would have required all listed companies to establish and maintain an internal audit function. The proposed rule, issued on February 20, 2013, would have conformed NASDAQ standards to the requirements of the NYSE (see Legal Update, NASDAQ Proposed Rule Would Require All Listed Companies to Establish and Maintain an Internal Audit Function). The rule proposal originated with a request from the SEC for NASDAQ to consider adopting an internal audit function similar to the NYSE's.

According to NASDAQ, due to a large number of comments from both listed companies and others on the proposed rule, it decided to withdraw the proposed rule to adequately consider the comments. NASDAQ announced that it plans to revise the proposed rule and resubmit it to the SEC.