2023-2024 COSO Committee

"COSO was organized in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private-sector initiative that studied the causal factors that can lead to fraudulent financial reporting. It also developed recommendations for public companies and their independent auditors, for the SEC and other regulators, and for educational institutions. The National Commission was sponsored jointly by five major professional associations ​headquartered in the United States: AAA, AICPA, FEI​, IIA, and IMA. Wholly independent of each of the sponsoring organizations, the Commission included representatives from industry, public accounting, investment firms, and the New York Stock Exchange. COSO’s goal is to provide thought leadership dealing with three interrelated subjects: enterprise risk management (ERM), internal control, and fraud deterrence."¹

Charge

• The Committee of Sponsoring Organizations (COSO) will contribute as AAA members to the update of the COSO internal control framework.
• The committee will also communicate as needed with AAA members to inform them of calls for input during the revision process and help familiarize AAA members with the final product.
• The committee will continue until one year after the COSO update is completed.

Membership

• New Committee members are appointed prior to the Annual Meeting by the AAA Management Team.
• The committee size varies according to COSO projects and purposes.

Estimated Time Commitment

• Committee Chair could expect to spend approximately 100-120 hours per year in years when no major framework revision is occurring and approximately 250-280 hours per year in years when a major framework revision is occurring.
• Committee members could expect to spend approximately 15-20 hours per year with additional hours required as needed based on COSO-related activities.
• The Committee meets as needed at the discretion of the Chair. 

Responsibilities

• Fulfill the committee charge as above.
• If the Chair has any questions about the charge or responsibilities of this committee, s/he should contact the Chief Executive Officer, the President, or the committee’s Board of Directors Liaison.
• The Chair must submit at least one report per year to the Board of Directors. This report should include accomplishments and suggested modifications and should be sent to the AAA President, the committee’s Board of Directors Liaison, and Governance Manager, Barbara Gutierrez (barbara.gutierrez@aaahq.org).

Members

¹ https://www.coso.org/SitePages/About-Us.aspx accessed on July 21, 2023