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Sarbanes-Oxley law trickles down

Sarbanes-Oxley law trickles down

by Rick Turoczy on August 14, 2006

But the law’s impact has trickled down to private companies, many of them family-owned, forcing them to spend more time and money on audits and, in some cases, to add outside directors to their corporate boards.

Accounting firms are often the enforcers of Sarbanes-Oxley standards at privately held companies, requiring them to make changes as part of the auditing process.

Douglas County-based CH2M Hill, though privately held, is affected like a public company by Sarbanes-Oxley because the company runs an internal stock market for trading of its own shares among its 18,000 employees.

“It has cost us so much money,” said Catherine Santee, senior vice president of finance for CH2M Hill. “We knew we were going to be required to comply with Sarbanes-Oxley. What was unanticipated was how much it would cost to do that.”

Sarbanes-Oxley law trickles down

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