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Sarbanes-Oxley News & Developments
Will COSO Small Biz Guidance Really Help? COSO unveils principles-based guidance that it claims will reduce compliance burdens for smaller companies.
> > Internal controls have not made executives at many small companies happy lately, as they struggle to comply with Sarbanes-Oxley regulations.
The new guidance was requested by the SEC, which has heard a significant outcry from small companies and the accounting industry since the internal controls provision of Section 404 of the Sarbanes-Oxley Act became effective. For most companies, the 1992 Internal Control-Integrated Framework model of Cosco has been the de facto reference guide for how best to conduct an assessment of internal controls since the law passed.
Source: CFO
Published:2006-07-12
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