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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Table of Contents

Volume I: Executive Summary

Volume II: Guidance
Overview
I. Control Environment
Principle 1: Integrity and Ethical Values
Principle 2: Board of Directors
Principle 3: Management’s Philosophy and Operating Style
Principle 4: Organizational Structure
Principle 5: Financial Reporting Competencies
Principle 6: Authority and Responsibility
Principle 7: Human Resources
II. Risk Assessment
Principle 8: Financial Reporting Objectives
Principle 9: Financial Reporting Risks
Principle 10: Fraud Risk
III. Control Activities
Principle 11: Integration with Risk Assessment
Principle 12: Selection and Development of Control Activities
Principle 13: Policies and Procedures
Principle 14: Information Technology
IV. Information and Communication
Principle 15: Financial Reporting Information
Principle 16: Internal Control Information
Principle 17: Internal Communication
Principle 18: External Communication
V. Monitoring
Principle 19: Ongoing and Separate Evaluations
Principle 20: Reporting Deficiencies
Appendices
Appendix A: Methodology
Appendix B: Consideration of Comment Letters
Appendix C: Glossary of Selected Terms
Appendix D: Acknowledgments

Volume III: Evaluation Tools
I. Introduction
Matrices
Assessing Effectiveness
II. Principles Evaluation
Control Environment Principles
Risk Assessment Principles
Control Activities Principles
Information and Communication Principles
Monitoring Principles
III. Entity-Wide Controls
Control Environment
Information and Communication
Monitoring
IV. Risk Assessment
Risk Identification and Analysis by Account and Disclosure
Risk Analysis Mapping Accounts to Business Processes
Mapping Business Sub-Processes to Supporting IT Infrastructure
V. Account Estimates, Adjusting Entries, and Closing Entries
VI. Process Level Matrix – Revenue
VII. Process Level Matrix – Payroll
VIII. Information Technology Controls

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