More AS5 tips for small companies

The fact that AS5 does not require management "attestation" about management's controls until the second year of actual compliance may be leading some small companies into complacency. Of course, that would be a mistake, albeit not one as big assuming another delay will be granted. So you need to be gearing up. Now! Laurie Scofield, head of risk management for RSM McGladrey, offers some tips regarding, among other things, what to expect in year one, entity-level controls, the importance of IT, and importantly the "work of others." The last one is tricky. She offers an interesting bit of advice: Testing by employees or a consultant will likely be viewed more favorably if the results are reported directly to the audit committee, not management. Makes sense.  

For more:
- here are the tips

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