Most such rules are in place because slimebags abused the system, and in some cases taking the world economy with it. I'm all for making more efficient auditing rules, but one has to be careful not the throw the baby out with the bathwater.

Perhaps have compliance tiers such that smaller co's can optionally be in a riskier and less audited stock system or level. However, we probably don't want too much of the economy in that pool.

As it is, private investors may be willing to take on riskier and even dodgier companies who don't want auditors snooping around. That's fine: if the rich want to gamble with dodgy companies via private investment, go for it.