"The notion of good corporate governance transcends the directives that have garnered so many headlines in recent years. Sarbanes-Oxley, Auditing Standard No. 2, the Public Company Accounting Oversight Board, etc., may have upped the ante, but the essential elements of fiduciary responsibility have not changed, nor will they. What’s more, these
hold true beyond the public company arena. Accordingly, the concepts presented in this series will often be relevant to private and not-for-profit organizations."
Couldn't have said it any better myself!