Sarbanes-Oxley wraps up mid-sized private companies
Private companies are finding a silver lining in the red tape associated with the Sarbanes-Oxley Act.
An increasing number are using the law, which now applies only to public companies, as a guide to best practices and are adopting some or all of its provisions. In part, they are being driven by auditors, bankers and investors who see Sarbanes-Oxley as a new gold standard of corporate governance. But they are also motivated by a belief Sarbanes-Oxley will one day be broadened to include larger private firms.
"It's just a matter of time before Sarbanes-Oxley applies to private companies," said Nancy Riddle, chief financial officer of Brisbane-based Monster Cable Products Inc., in a panel discussion among CFOs speaking to bankers earlier this year.
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