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New standards affect companies missed by Sarbanes Oxley

New standards affect companies missed by Sarbanes Oxley

by Toby Lucich on February 21, 2007

Think your private company is safe from new, stricter auditing standards because you’re not subject to Sarbanes Oxley? Feeling smug because you’re not experiencing the hassle and expense of SOX compliance? Thought you’d escaped the pain by taking your public company private?

Not so fast! Your time may have come: Statements of Auditing Standards 104-111 have arrived. These new standards affect every nonpublic company that needs an audit — whether it’s for bankers, insurers or shareholders. And they’re effective for financial statements for periods beginning on or after Dec. 15, 2006.

New standards affect companies missed by Sarbanes Oxley

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