Applying COSO Guidance for Smaller Public Companies Reporting on Internal Control Over Financial Reporting

Ideal for self-study or on-site training!

COSO issued Internal Control — Integrated Framework to help entities assess and enhance their internal control systems. Under Section 404 of the Sarbanes-Oxley Act of 2002, management must annually assess and report on the effectiveness of internal control over financial reporting. Complying with Section 404 is particularly challenging for smaller companies.

In July 2006, COSO issued Guidance for Smaller Public Companies Reporting on Internal Control Over Financial Reporting to provide guidance to smaller company board members, senior management, other company staff and external auditors in cost-effectively applying Internal Control — Integrated Framework for assessing and reporting on the effectiveness of internal controls. This course will complete your understanding of the new COSO document.

Objectives: 

• Understand the fundamental principles associated with the five components of internal controls
• Understand the approaches that smaller companies can use to apply the principles
• Understand the real-life examples of how smaller companies have applied the fundamental principles effectively

Prerequisite:  Knowledge of COSO's Internal Control - Integrated Framework

Value Aid! COSO’s four-volume report, Internal Control Over Financial Reporting - Guidance for Smaller Public Companies

In this video, Elizabeth S. Gantnier, CPA, Director of Quality Control at Stegman & Company in Baltimore, Maryland discusses how to apply the principles with Bob Burkett, Founder and Managing Director of Quasar Associates in Harrisburg, Pennsylvania; Chuck Landes, AICPA Vice President–Professional Standards and the AICPA's COSO representative; and Kenneth W. Witt, AICPA Technical Manager–New Finance and member of the COSO Small Business Control Guidance Advisory Group Task Force.

*(139-min. video) The DVD disk contains the video presentation, a viewable copy of the Manual and a copy of the four volumes of the COSO report and related FAQs that can be viewed, saved and printed. The FAQs also appear in the manual.

**The Additional Manual is for group study training only. Unlike other formats, it has no exam answer sheet and cannot be used to earn self-study credit.