BWise Supports COSO Guidelines for Smaller Public Companies
BWise, a leading provider of compliance and enterprise risk management software, on Monday announced support for new guidelines from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), entitled Internal Control over Financial Reporting – Guidance for Small Public Companies.
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"Companies spend a significant amount of resources to ensure compliance with the Sarbanes-Oxley Act, particularly section 404," stated Robert Pijselman, CEO of BWise. "BWise is pleased to see the newest COSO guidelines which help businesses, particularly smaller publicly traded companies, not only more effectively meet SOX requirements, but achieve greater business process efficiencies. This approach is fully in line with BWise's EZ Control solution, which aims to give all businesses, large and small, a more simplified and results-driven process for compliance."
The new COSO guidelines help smaller businesses, including the 5,000 Securities and Exchange Commission (SEC) registrants with annual sales of less than $200 million. With the guidelines, these businesses can better understand how to become more knowledgeable about internal controls, ultimately leading to more effective control systems and greater proficiency in reporting on internal controls for regulatory compliance purposes. The new framework is complementary with BWise’s EX Control, a templated version of its In Control solution.
BWise EZ Control, introduced earlier this year, enables these same companies, as well as larger businesses, to more easily achieve compliance, while streamlining related business process management, with less incremental costs and faster results. EZ Control was designed in conjunction with BWise by process, risk and compliance expert Malcom Schwartz, one of the four principal contributors to the original COSO Report, Internal Control – Integrated Framework. This framework helps smaller publicly traded companies to implement SOX compliance more quickly and efficiently.