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Down To Business: Time To Regulate The Regulations?

Down To Business: Time To Regulate The Regulations?

by Rick Turoczy on February 28, 2006

When it comes to the mother of all regulations, Sarbanes-Oxley, CEOs of most fast-growing privately held companies like what they see. In a recent survey by PricewaterhouseCoopers, 73% of private company CEOs said SOX has done at least a decent job of improving financial governance and transparency for public companies. One in four of those private companies has voluntarily adopted SOX “best practices.” So should Sarbanes-Oxley be applied broadly to their companies, not just to public ones, at the state or federal level? Uh, no. That would be overkill, they say. In fact, more than a third of those same CEOs believe that private companies enjoy a competitive advantage over publicly traded companies precisely because they don’t have to run the same gauntlet of regulations.

Says another IT exec: “I’m not driving jack. I’m being driven. We’re all being driven by lawyers.”

Down To Business: Time To Regulate The Regulations?

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