COSO powerpoint

By:  Cydney Posner

COSO has archived a  webcast presented yesterday regarding the new COSO guidance for smaller companies. (See yesterday's posting.) (You may need to register first at the COSO.org website.) The presenters stressed that the guidance is not intended to be a cookbook, but rather principles-based guidance that requires the application of management's judgment. Among other things, the webcast attempts to explain the concept of a top-down, risk-based approach, advocated by many as the solution to the problem of excessive identification and testing of controls, but apparently elusive to many companies trying to implement the approach.

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