COSO Seeks New Chair

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The Committee of Sponsoring Organizations of the Treadway Commission ((COSO) has extended the deadline for applications for the position of Chairman of the COSO Board until this Friday, March 20, 2009. COSO's current chair, Professor Larry Rittenberg of the University of Wisconsin, completed a three-year term in 2008, and continues to serve on an interim basis.

COSO was formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting (aka the Treadway Commission), an independent private-sector initiative, which studied the causal factors that can lead to fraudulent financial reporting and issued a number of reports, research studies, and sets of guidance, including the 1992 Internal Control-Integrated Framework and subsquent guidance documents.

COSO's five founding sponsoring organizations are: the American Institute of CPAs (AICPA), the American Accounting Association ((AAA), Financial Executives International (FEI), the Institute of Internal Auditors ((IIA), and the Institute of Management Accountants ((IMA).

FEI President and CEO Marie Hollein is FEI's representative on the COSO board.

Further information about COSO and a link to the COSO Chair Position Description can be found in this FEI summary.

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