Title

Improving Internal Control Over Financial Reporting: COSO’s Guidance Not Just for Public Companies Anymore

Authors

Jeffrey E. Michelman, University of North FloridaFollow
Bobby E. Waldrup, University of North FloridaFollow

Document Type

Article

Publication Date

4-2008

Abstract

When the Committee of Sponsoring Organizations (COSO) released itsInternal Control—Integrated Framework (ICFR) in 1992, the event went largely unnoticed. The importance of this framework changed dramatically with the passage of the Sarbanes-Oxley Act of 2002 (SOX). Because SOX required all covered entities to base their assessment of internal control on a recognized framework, COSO was readily embraced. Unfortunately, smaller public and nonpublic companies have found the 1992 framework complicated to apply and to understand.

Comments

Originally published in The CPA Journal (April 2008), pp. 30-34.

http://archives.cpajournal.com/2008/408/essentials/p30.htm

Recommended Citation

Michelman, Jeffrey E. and Waldrup, Bobby E., "Improving Internal Control Over Financial Reporting: COSO’s Guidance Not Just for Public Companies Anymore" (2008). Accounting and Finance Faculty Publications. 3.
https://digitalcommons.unf.edu/bacc_facpub/3

Rights Statement

http://rightsstatements.org/vocab/InC/1.0/