Financial Reporting


The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released Internal Control over Financial Reporting—Guidance for Smaller Public Companies to supplement Internal Control—Integrated Framework, t he committee’s landmark 1992 publication that outlined a comprehensive framework for internal control systems. The new guidance was developed primarily to help smaller public corporations apply the framework and better comply with section 404 of the Sarbanes-Oxley Act. Nevertheless, it applies to organizations of all sizes. “COSO is offering previously unavailable, but much needed, direction on designing and implementing cost-effective internal controls,” said AICPA Vice-President of New Finance John Morrow. “Small company managers and audit committees will find it invaluable.”

The new publication can be ordered at www.cpa2biz.com/stores/coso3 , and an executive summary and a set of frequently asked questions and answers can be downloaded free at www.coso.org/publications/ and www.aicpa.org/download/news/2006/coso_faq.pdf , respectively.

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The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

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Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.