While key portions of the Sarbanes-Oxley Act apply only to public companies, nonpublic companies adopting SOX-related practices also are benefiting from enhanced corporate compliance strategies. Risk managers and other senior executives can achieve reduced litigation exposure, fraud deterrence, more reliable financial data and improved corporate decision-making with such standards in place.
Although the focus and substance of SOX is aimed at companies whose securities are traded publicly and registered with the U.S. Securities and Exchange Commission, SOX contains some provisions that apply to all varieties of companies, including those that are privately held.
If nonpublic companies and their risk management teams have not changed their corporate compliance strategies to take these requirements into account, adherence is a necessary first step in complying with applicable law.
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