New guidance stressing efficient application of effective internal controls over financial reporting was released in mid-July by the Committee of Sponsoring Organizations of the Treadway Commission.The guidance, titled "Internal Control over Financial Reporting - Guidance for Small Public Companies," was released with a Webcast that was attended by over 1,750 participants.

"Our primary goal is that these smaller businesses will use the guidance as a springboard for designing and implementing processes that will help them better run their businesses, as well as to evaluate the effectiveness of their internal controls for regulatory purposes," said COSO chair Larry Rittenberg, in a statement.

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