SOX 404 for Small, Publicly Held Companies: Internal Control Assessment and Reporting Under Sarbanes-Oxley
SOX 404 for Small, Publicly Held Companies is a guide to assist the management of small, publicly held companies in complying with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. This reference helps management with assessing the effectiveness of its company's internal control structure and procedures for financial reporting. In making the required internal control assessment, management may identify situations where internal controls can be improved in a cost-effective manner; this book will help management bring about these improvements. SOX 404 for Small, Publicly Held Companies addresses everything necessary in order to perform an assessment of internal controls over financial reporting as well as an assessment of disclosure controls. Practice pointers and practical considerations are provided so that management can address the task of making its assessments thoroughly and efficiently. The book focuses on the Securities and Exchange Commission rules for an assessment of internal controls and looks carefully at the requirement of the Public Company Accounting Oversight Board for independent auditors. Checklists, questionnaires and other practice aids for small and very small public companies are provided through the book and on the accompanying CD-ROM. In addition to these adaptable workpapers, the CD includes authoritative guidance from the PCAOB and the SEC.The 2008 Edition has been updated to include coverage of: ---PCAOBs Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, which supersedes Auditing Standard No. 2, which is effective for audits of fiscal years ending on or after November 15, 2007.---SEC Release No. 33-876, which further extended Section 404 compliance dates for non-accelerated filers.---Government Accountability Office report, Sarbanes-Oxley Act: Consideration of Key Principles Needed in Addressing Implementation for Smaller Public Companies.
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Planning the Assessment 2 01
Supervision and Control 2 10
Mapping the Organization 3 01
Tentative Risk Assessments 4 01
Making Tentative Internal Control Assessments 5 01
Testing Internal Control Assessments 6 01
Designing and Performing Tests 6 22
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accepted accounting principles accounting principles accounts payable accounts receivable activity or activities adequate appropriate assessment of internal assets audit committee Basic Risk business units cial company's internal control Conflict of Duties consider Contribution to Error control activities control deficiencies Control Environment control over financial corporate Describe Contribution detection of errors determine disclosure controls documentation duties affecting employees enterprise risk management entity's errors or misstatements evaluation Exhibit 3-1 financial reporting process financial statement element function GAAP identified independent auditors Information and Communication information technology internal audit internal control assessment internal control design inventory involved ledger liabilities likelihood Management intervention management's assessment Manual Action mapping the organization material misstatement material weaknesses mathematical operations ment Monitoring payroll personnel PRACTICE POINTER prevent or detect prevention and detection procedures sample Sarbanes-Oxley Act Segment set of activities significant deficiencies small companies specific subsidiary testing tests of controls tion Unit & Location