Assignment: Public Vs Private Company Standards
Length: 3 to 4 pages.
CEO Billy Jean has heard that due to the Sarbanes-Oxley Act, costs have increased significantly when operating a public company. Jean is especially apprehensive with reports that he can anticipate double the audit fees due to the internal control provisions of the Act and PCAOB Auditing Standard No. 2201. Jean has asked you to explain how the Sarbanes-Oxley requirements may affect the audit.
Required:
Organize and share your thoughts if the company decides to go public. How would complying with the Sarbanes-Oxley and PCAOB Auditing Standard No. 2201 change the company's responsibilities for internal control? Then use your thoughts to:
o Describes the changes in internal controls (due to PCAOB and Sarbanes-Oxley standards) needed once they become a public company.
Format your assignment according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.