The Committee of Sponsoring Organizations of the Treadway Commission is targeting Aug. 15 as the release date for its guidance for smaller companies on how to apply the COSO control framework to current regulatory requirements.
COSO took up its guidance project—Implementing the COSO Control Framework for Smaller Businesses—early this year at the request of the Securities and Exchange Commission. The COSO framework is widely accepted by regulators and professionals as a means of achieving compliance with Sarbanes-Oxley Section 404 requirements to test and document the effectiveness of internal control over financial reporting.
