COSO Internal Control over Financial Reporting — Guidance for Smaller Public Companies

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Practice Area: WG&L FRM Brand: WG&L Financial Reporting & Management,Checkpoint

COSO Internal Control over Financial Reporting — Guidance for Smaller Public Companies
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The latest guidance from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) takes the concepts from the original COSO internal control framework and demonstrates their applicability to smaller public companies striving to ensure adequate internal control over financial reporting.

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“Our primary goal is that these smaller businesses will use COSO Internal Control over Financial Reporting — Guidance for Smaller Public Companies as a springboard for designing and implementing processes that will help them better run their businesses, as well as to evaluate the effectiveness of their internal controls for regulatory purposes,” says COSO Chairman Larry E. Rittenberg. Despite its focus on smaller companies, the guidance is likely to be a useful resource for companies of all sizes as they gear up to maintain ongoing Sarbanes-Oxley compliance, because it provides an up-to-date application of the COSO internal control framework specifically to financial reporting.

The COSO guidance for smaller public companies focuses on ways to achieve and maintain cost-effective internal control by taking a risk-based, top-down approach to Section 404 compliance. It breaks the COSO internal control framework down into a set of 20 fundamental principles, then provides a summary of attributes of each principle, approaches to applying each principle, and examples of applying each principle. Extensive discussion and illustrative tools are also provided to assist management in evaluating internal control over financial reporting.

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