Internal Control over Financial Reporting – Guidance for Smaller Public Companies Volume I : Executive Summary

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 1992 issuedInternal Control – Integrated Framework to help businesses and other entities assess and enhancetheir internal control systems. Since that time the Framework has been recognized by executives,board members, regulators, standard setters, professional organizations and others as an appropriatecomprehensive Framework for internal control.Also, changes have taken place in the financial reporting and related legal and regulatoryenvironments. Significantly, the Sarbanes-Oxley Act was enacted into United States law in 2002.Among its provisions, Section 404 requires management of public companies to annually assessand report on the effectiveness of internal control over financial...
Nội dung trích xuất từ tài liệu:
Internal Control over Financial Reporting – Guidance for Smaller Public Companies Volume I : Executive Summary