Menlo Park, Calif, (Sept. 17, 2003) -- Forget about the "cascading effect." Privately held companies may be leaning toward voluntarily adopting their own rules for working with auditors similar to rules set in the Sarbanes-Oxley law that affect public companies.
In a survey of 1,356 chief financial officers at privately held companies, 38 percent agreed that privately held companies should implement "the same type of governance and control practices" required by Sarbanes-Oxley, while another 38 percent were undecided and just 24 percent disagreed. A separate survey of 1,400 private company chief financial officers found that 58 percent are already taking SOX-like measures, such as reviewing or altering accounting procedures, expanding their internal audit functions, and hiring outside consultants for internal audit work. Both surveys were conducted by staffing company Robert Half International Inc.
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