The gist of the amendment is to remove from private companies the requirement to establish audit committees. Imposing audit committees on private companies would add little, if anything, to their controls. It would, however, make it necessary to hire, as described here, non-executive directors specifically for the purpose of establishing and consulting an audit committee. This is an extraordinary requirement. If companies wanted non-executive directors, they would appoint them. Bringing in non-executive directors would be of little benefit and add significant new costs to a private company's business. Accordingly, I propose excluding private companies from the requirement to establish an audit committee.