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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accounting accounting principles actions activity or activities activity sets additional adequate analysis application approach appropriate assets audit Basic cash Chapter committee company's complete components consider consideration control activities control deficiencies Control Environment control over financial corporate COSO Describe Determine disclosure discussed documentation duties affecting effectiveness elements employees errors establishing evaluation example Exhibit exists expenses external factors financial reporting process financial statements Framework function identified indicated individual Influence internal control involved likelihood List Location management's assessment manner Manual mapping material misstatement material weaknesses matters ment misstatement Monitoring necessary Negative objectives operating organization payroll performed person personnel planning policies Positive possible potential practices preparation prevention and detection probability procedures reasonable receivable records responsibilities result Review Risk Assessment routes sample Segment set of activities significant significant deficiencies specific statements tasks tentative testing tion transactions understood Unit