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They must now personally sign off on financial reports, comply with Sarbanes-Oxley's requirements for internal monitoring, work with the board's audit committee and the company's internal auditors.
ECONOMIST: Greater responsibility, greater power | The
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In future, any non-audit work at all must be approved first by the company's audit committee.
ECONOMIST: A tough corporate-reform bill sails through
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"Old-fashioned LBO deals, in which firms put a lot of leverage on a company, won't work today, " says David Mussafer, co-chairman of Advent's executive committee, who says 30% to 40% of his firm's recent buyouts were done without any borrowed money, nearly double the levels of a few years ago.
WSJ: Private-Equity Firms Forced to Evolve