Following enactment of the Sarbanes-Oxley legislation, there was concern expressed by many local practitioners that similar requirements to those imposed on auditors of public companies by the federal legislation would work their way down to accountants who perform comprehensive services for closely held businesses.
This so-called "trickle-down" effect could take many forms including state legislation, regulatory action by state accounting boards, and newly imposed requirements by third parties that rely on financial statements prepared or reviewed by accountants.
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