Beginning next year, privately held businesses will face a strict set of auditing standards similar to those that comprise the Sarbanes-Oxley Act of 2002 and affect public companies.
The American Institute of Certified Public Accountants' auditing standards board released earlier this year measures that will change all aspects of how a private firm is audited. Like Sarbanes-Oxley, the new guidelines are in response to corporate scandals that rocked the financial world a few years ago, said Carl Kampel, director of professional standards at Ellin & Tucker, Chartered in Baltimore.
See full Article. May 5
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