What does being a public company mean?

Part of it is having to spend a large chunk of your profit on audits, which supposedly certify that your company is healthy and non fraud committing.

This certification was granted to Enron, Lehman Brothers, and many other companies that absolutely did not deserve it.

The S.E.C. should take this as an opportunity to learn something about what investors really want. It isn't regulation. Its profit and growth.