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2009
COSO News Release — November 4, 2009
THOUGHT PAPER
ALTAMONTE SPRINGS, Fla. – The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released a new thought paper, Strengthening Enterprise Risk Management for Strategic Advantage, that highlights specific areas where senior management can work with its board of directors to enhance the board's risk oversight capabilities and the organization's strategic value.
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COSO Supports Improved Board Risk Oversight
COSO highlights four critical areas that contribute to effective board oversight of enterprise risk management
Effective Enterprise Risk Management Oversight:
The Role of the Board of Directors
The role of the board of directors in enterprise-wide risk oversight has become increasingly challenging as expectations for board engagement are at all time highs.
COSO Issues Guidance
MONITORING OF INTERNAL CONTROL
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has recently issued its Guidance on Monitoring Internal Control Systems. This business guidance more fully develops the monitoring component of the Internal Control - Integrated Framework to assist companies in ensuring the effectiveness of their financial, operational, and compliance-related internal controls. The guidance consists of three volumes (Guidance; Application; and Examples). An overview of the guidance can be downloaded for free and the three Volume set can be purchased from COSO's website www.coso.org.
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COSO Elects New Chair
David L. Landsittel, CPA has been named the new chairman of Committee of Sponsoring Organizations (COSO), an organization that provides thought leadership and guidance dealing with internal controls, enterprise risk management and fraud deterrence. COSO is sponsored and supported by five professional organizations – the American Accounting Association, the American Institute of Certified Public Accountants, Financial Executives International, the Institute of Management Accountants and The Institute of Internal Auditors.
Landsittel replaces Larry E. Rittenberg, PhD, CPA, CIA, who served as COSO Chairman since 2005. Recognizing Rittenberg's outstanding leadership of COSO over the last four and a half years, its Board has designated him as "Chair Emeritus." In that role, he will provide important support to Landsittel and the COSO Board in implementing COSO's strategic plan that has been developed over the past two years. Read more...
2008
COSO Commissions Research Project
MONITORING OF INTERNAL CONTROL
September 17, 2007 – The Committee of Sponsoring Organizations of the Treadway Commission (widely known as COSO) issued a Discussion Document titled, Guidance on Monitoring Internal Control Systems, to help organizations monitor the quality of their internal controls. This guidance is designed to more fully develop the monitoring component of COSO’s Internal Control – Integrated Framework. COSO is seeking comments on this Discussion Document by October 31, 2007, with the goal of issuing an exposure draft of proposed final guidance by the end of 2007. The American Accounting Association is one of the five COSO sponsoring organizations. Read the press release and download the Discussion Document for free at COSO’s web site (www.coso.org).
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