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Closely Held Companies Adopting Sarbanes, Increasing Demand for Auditors

Closely Held Companies Adopting Sarbanes, Increasing Demand for Auditors

by Rick Turoczy on September 14, 2006

Privately owned companies, although not bound by the requirements of the Sarbanes-Oxley Act (SOX), are feeling the effects of the law in specific areas of their businesses, as well as the impact of widespread public commitment to stronger internal controls that the law has helped to create. In response to these pressures, more closely held companies are demanding additional internal audits and internal auditors, as well as providing new business opportunities for external auditors.

Private companies chose to adopt some or most of the requirements of Sarbanes-Oxley, according to the Wall Street Journal, because their executives believe stronger internal controls will improve efficiency, and directors see its benefits on public companies. Companies may feel pressure from customers or suppliers who are public companies.

Closely Held Companies Adopting Sarbanes, Increasing Demand for Auditors

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