AICPA supports COSO proposals on small company compliance with SOX 404.

The AICPA, as a member organization of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), publicly stated its support for draft guidance issued recently to assist small public companies in complying with the Section 404 internal control reporting requirements of the Sarbanes-Oxley Act. The exposure draft, Guidance for Smaller Public Companies Reporting on Internal Control over Financial Reporting, is a supplement to the guidance COSO published in 1992, Internal Control--Integrated Framework, illustrating essential internal control over financial reporting using real-world small company examples.

The...