The Committee of Sponsoring Organizations, the private sector group working to improve the financial reporting process, has issued a draft to help small filers comply with internal controls requirements on a cost-effective basis. COSO's newly issued guidance outlines 26 fundamental principles associated with five components of internal control: control environment, risk assessment, control activities, information and communication; and monitoring.
The report defines each principle and lists examples that smaller companies can use to incorporate the principles, and includes case studies of how smaller companies have effectively applied the principles.
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