COSO Board Meets At FEI
October 30, 2007

On Oct. 30, 2007, Financial Executives International (FEI) hosted a meeting of the board of directors of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 

COSO published the landmark 1992 Internal Control-Integrated Framework, as well as the 2006 Guidance for Smaller Public Companies to assist small companies in implementing the internal control framework, particularly with respect to assertions under Sarbanes-Oxley Section 404. COSO has also issued guidance on Enterprise Risk Management (ERM) and studies on Fraudulent Financial Reporting.

COSO currently has a project to develop guidance on Monitoring Internal Control. The comment deadline on COSO's Discussion Document on Monitoring was October 31. FEI's Task Force on Monitoring (TFM) filed a comment letter on COSO's Discussion Document.

FEI is one of the five founding sponsoring organizations of COSO. The other five members are the American Accounting Association (AAA), American Institute of CPAs (AICPA), Institute of Internal Auditors (IIA) and Institute of Management Accountants (IMA).   

Photo © FEI 2007

Pictured above (L-R) are the COSO board members:Dave Richards, President, IIA, Mark Beasley, AAA, Chuck Landes, VP of Professional Standards, AICPA, Edith Orenstein, FEI, Jeff Thomson, IMA, and COSO Chair Larry Rittenberg of the University of Wisconsin.

Prepared Oct. 31, 2007 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically stated above.