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Rules, Rules: To Err is Human; to Forgive, Divine -- Not Characteristic of Regulators.
Before the lights on the marquee start flickering, companies really need to assess the projected costs to be public and prepare accordingly. Compliance is a beast best fed upfront; hunger pains from non-compliance and making stop-gap regulatory decisions are not only costly but can open the company up to unwanted PR, liability and in some cases litigation. In addition the obvious, comply with SOX, this white paper looks at the trickle down effect of this legislation on private companies preparing to go public. Afterthoughts like data retention and records management appropriate models, information overload v. liability traps v. compliant; certification and internal controls; section 404 mandates; are brought to the forefront. Introduction We all experience that rush of adrenalin right before the opening curtain, the nervous anticipation of the unknown audience that awaits you. For many, understanding the part you are to play, understanding the costs associated with the unfolding drama, only quiets this incredible experience. While it would be natural and easy to succumb to the pressure, you’ve done your homework and now must perform. While somewhat less dramatic, the pressure and expectation of beginning your business dreams and reaching for the ‘go public’ ring are enormous. While this paper can not alleviate the stage fright, it is hoped that through a careful review of these topics and applications that you and your business will have at least taken the time to learn your lines and know the cost of your growing fame. The scope of today’s regulatory environment and reporting necessities has become so competitive, not to mention intimidating, that many private companies seeking to grow or invite more cash into their coffers are reconsidering the costs of such a barrage of compliance and oversight. What was previously seen as an appropriate inconvenience has now emerged into a regulatory bonanza, as the costs of compliance, or non-compliance grow ever steeper with each new headline. Consider the potential effect of Sarbanes-Oxley (SOX) Act and related requirements on your relationships with lenders, insurance companies, government agencies, M&A partners, and private investors. Each of these relationships and opportunities for funding are now expense accounts for your growing internal control risk management process. For many seeking to profit from taking their private secret into the public stage there exists many important hurdles that need careful examination in order to fully integrate current investors, shareholders and employees into the risks associated and the benefits received from the public endeavor. Perhaps the biggest factor exists in the recent overview and scrutiny associated with SOX. While Sarbanes-Oxley was crafted in response to financial scandals and accounting irregularities, it has a potentially far-reaching effect on private companies if they intend to go public or be acquired by a public entity—consequences Congress almost certainly never contemplated. This white paper will seek to explore the risks, understand the tangible and intangible costs, and present options that are necessary before putting the “Yes, we’re open” sign in the front window. A careful examination of important SOX requirements, i.e., Section 404 mandates, internal controls, data retention and record keeping are each placed on stage for your review. Unintended Impact On Private Equity While Sarbanes-Oxley was intended to rectify accounting, disclosure and corporate governance shortcomings of public companies, it has had several unintended consequences for private equity and venture capital firms. Investors and their lawyers have spent enormous time... [continued...] Want to know more? Download the White Paper "Rules, Rules: To Err is Human; to Forgive, Divine -- Not Characteristic of Regulators." for just $29.95. |
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