Internal Control over Financial Reporting--Guidance for Smaller Public Companies (2006)

This COSO document contains guidance targeted towards smaller public companies, to help them apply concepts in the 1992 Internal Control – Integrated Framework. The guidance demonstrates the applicability of those concepts to help smaller public companies design and implement internal controls to support the achievement of financial reporting objectives. It highlights 20 key principles of the 1992 framework, providing a principles-based approach to internal control. While targeted toward smaller public companies, the 2006 guidance applies to entities of all sizes and types.

The guidance will be helpful to smaller businesses as they explore cost-benefit approaches to achieve their financial reporting objectives. This guidance contains numerous examples that have been effectively used by smaller business.

This report contains four volumes and includes:

1. A high-level summary for companies' boards of directors and senior management.
2. An overview of internal control over financial reporting in smaller businesses, including:

• descriptions of company characteristics and how they affect internal control
• challenges faced by smaller businesses, and how management can use the Framework.
• twenty fundamental principles, together with related attributes, approaches and examples of how smaller businesses can apply the principles in a cost-effective manner.

3. Illustrative tools to assist management in evaluating internal control. Managers may use the illustrative tools in determining whether the company has effectively applied the principles.
4. Illustrative tools in Word® format.

Internal Control over Financial Reporting is available in three format options. Choose the one that best fits your needs:

• Print Paperback (includes instructions for downloading the Tools Word file); Product 990017
• PDF Download (also includes the Illustrative Tools in Word); Product 990017PDF
• Print Paperback and PDF Download Bundle; Product 990016HI

Note: The PDF edition is an electronic download file that will be accessible immediately after completing your purchase. Access to this file – from the My Account > My Downloads page – expires 90 days from purchase date. This product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at service@aicpa.org or call 888-777-7077.

Other COSO documents:
Internal Control—Integrated Framework (1992)
Enterprise Risk Management—Integrated Framework (2004)
Guidance on Monitoring Internal Control Systems (2009)