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.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.