Internal Control Strategies

As of December 2007, the SEC required all publicly traded companies to attest to the effectiveness of their internal controls in accordance with sections 302 and 404 of the Sarbanes-Oxley Act. Already a requirement for accelerated filers, an external auditors' report on internal control will soon be required for non-accelerated filers. While many larger companies spent millions of dollars implementing internal control programs, smaller budget-conscious companies may still be struggling with their compliance programs without the option of expensive advisors and systems. Internal Control Strategies: A Mid to Small Business Guide provides smaller, publicly traded companies with clear guidance on creating strong but streamlined internal control programs.

Designed to be a resource of truly practical ideas for controllers, business managers, and auditors to cut costs and reduce time, this timely book expertly reveals how both accelerated and non-accelerated filers can implement effective internal controls and covers:

• The SEC's guidance for management

• The PCAOB's guidance on implementing auditing standard No. 5

• Using entity-level controls to create efficiencies

• Minimizing excess costs through proper scoping practices

• Advantageous project management techniques

• Streamlining documentation

• Economical testing tips

• Successful methods for remediation

• Simplified tools for evaluating deficiencies

• Common areas of concern and how to address them

With discussion of the latest PCAOB, SEC, and COSO guidance in nontechnical, easy-to-understand language, Internal Control Strategies: A Mid to Small Business Guide provides auditing professionals with useful advice and distinct practice tips for each phase of sections 302 and 404 compliance. This hands-on guide is a must-read for every business serious about identifying and understanding operational threats and monitoring the health of their internal control structure.