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.

SPONSORED REPORT

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.