SOX 404 for Small, Publicly Held Companies: Internal Control Assessment and Reporting Under Sarbanes-Oxley

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CCH, 2007 - Business & Economics - 432 pages
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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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Contents

Planning the Assessment 2 01
2-2
Supervision and Control 2 10
2-10
Exhibits
2-21
Mapping the Organization 3 01
3-3
Tentative Risk Assessments 4 01
4-4
Making Tentative Internal Control Assessments 5 01
5-5
Testing Internal Control Assessments 6 01
6-6
Designing and Performing Tests 6 22
6-22
Completing the Assessment 7 01
7-7
Concluding and Reporting Managements
8-1
Accounting Resources on the Web WEB 01
8-15
Index IND 01
8-21
OVERALL APPROACH
8-23
ABOUT THE SARBANESOXLEY
8-24
01
8-31
Copyright

Exhibits
6-39

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About the author (2007)

Robert J. Sonnelitter, Jr. is the Director of Quality Control at Miller Ellin & Company LLP in NYC. He has led the quality control and accounting and auditing technical functions at several CPA firms and has more than 33 years of experience in public accounting, industry, and accounting and auditing research. Mr. Sonnelitter's experience includes nine years with a major international firm, which he left as a senior audit manager, and several years as a Project Manager at the FASB. He provides expert services regarding accounting and auditing matters in litigation as well as providing research services on difficult accounting and auditing issues for clients and CPA firm partners. Mr. Sonnelitter has published several articles on accounting and has provided comments concerning proposed accounting or audit standards to the FASB and the PCAOB.

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