Private companies (companies that are not publicly traded)are not required to have their internal controls assessed by an independent CPA firm.

Question

Quizplus · Accepted Answer

Private companies are not required by law to have an independent CPA firm assess their internal controls. However, some private companies may choose to have this done voluntarily for their own benefit. Publicly traded companies, on the other hand, are required by the Sarbanes-Oxley Act to have their internal controls assessed and certified by an independent CPA firm on an annual basis.

Private Companies (Companies That Are Not Publicly Traded)are Not Required