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原文:
Internal Control Guidance Not Just a Small Matter
COSO's latest guidance on controls for smaller businesses fits anizations
managers of smaller businesses need to design and implement an effective system of internal control over financial reporting in a cost-beneficial way To help achieve this, mittee of anizations of the mission (COSO) has provided guidance to smaller businesses in its publication Internal Control Over Financial Reporting—Guidance for Smaller panies (). The guidance encourages CPAs to work anizations to implement controls that are fundamental building blocks to ess. Effective internal control over financial reporting, including management's understanding, design, implementation and monitoring, should be viewed as an important business function.
Often lost in tbe debate over the costs associated with Sarbanes-Oxley section 404 is tbe significant number of smaller businesses that fail, often because they do not have good business plans or do not identify and control risks. Research shows that a mitment to internal control is a matter pany priority not a matter of resources. this guidance will help CPAs in industry and in public practice. CPAs in management will find it useful in implementing and evaluating internal control, CPAs in public practice will find it useful in assessing internal control over financial reporting and identifying the types of controls typically found in smaller businesses
Reported internal control deficiencies went down in the second year pliance with Sorbanes-Oxtev section 404 by accelerated filers. In 2005, % of panies had material weaknesses of internal control. In the first quarter of 2006, that dropped to %.
The guidance is drawn from the 1992 COSO Internal Control—Integrated Framework (lC Framework), which it clarifies but does not extend or replace. Focusing on the challenges faced by smaller businesses, the guidance explicitly addresses issues related to:
• Segregating accounting duties.
•