In a public company, not only is a "404" systems audit required, but other standards tend to be higher.
In contrast, if your company is private and planning to stay that way, there are a variety of standards that are implicitly or even explicitly easier.
In fact, if you run a family business with no outside shareholders with little or no debt, you may not need an audit at all.On the other hand, if your private business hopes to go public or to be acquired by a public company, the audit standards quickly approach those of public companies.
Comment Preview