In an effort to help smaller businesses implement the internal control
requirements of the Sarbanes Oxley Act, the SEC has issued guidance to aid small
businesses in understanding the regulations.
The guidelines, issued by Committee of Sponsoring Organizations of the
Treadway Commission (COSO), were welcomed by SEC chief accountant Donald
Nicolaisen as ‘an important step forward in helping smaller businesses
understand and apply COSO’s internal control framework in connection with
implementing Section 404 of the Sarbanes-Oxley Act’.
‘Section 404 is too important not to get right, but getting it right requires
both effective and efficient implementation,’ Nicolaisen said. ‘The staff will
continue to monitor and assess the effects of the internal control reporting
rules on smaller public companies.’
COSO was formed in 1985 to sponsor the National Commission on Fraudulent
Financial Reporting, an independent private sector initiative which studied
fraudulent financial reporting and developed recommendations for public
companies and auditors for the SEC and other regulators.
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