Sarbanes-Oxley regulations have left many public company executives confused about what can and cannot be discussed with their auditors, according to Marjorie Bailey, an officer of San Francisco-based CPA firm Stonefield Josephson.

"The communication between auditors and the executives of public companies has increased due to the Sarbanes-Oxley Act, but the topics under discussion are more restricted than in the past," says Bailey. "If you have stopped asking your auditor's advice, you are missing an important opportunity."

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