The Sarbanes-Oxley Act of 2002 has proved a boon to many firms helping companies come into compliance. However, if SOX compliance is not in your service line, or if your client base consists of privately held companies, you may not have focused too much attention on SOX beyond knowing the basics.It may be time to take a closer look. An increasing number of private companies are voluntarily bringing their organizations into at least partial compliance with SOX. Their actions are re-defining "best practices." Today, an ability to advise clients on the impact and implementation of SOX is the hallmark of the astute advisor.
Here is a look at some of the issues to consider when advising your clients. We'll also examine some unresolved issues facing private companies, and outside accountants, auditors and professional advisors.
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