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BUSINESS & INDUSTRY / AUDITING

COSO searching for new chairman

 

By Ken Tysiac
January 8, 2013

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is seeking a new chair for a three-year term that would begin June 1.

Dave Landsittel, the current COSO chairman, plans to step down after serving in that capacity for the past four years. The board chair serves in a part-time, stipend position.

COSO is a joint initiative of five private-sector organizations, including the AICPA, dedicated to providing thought leadership on enterprise risk management, internal control, and fraud prevention. COSO’s frameworks are used often in the United States and also are well known in corporate governance circles in Europe and Asia.

Landsittel has presided during a critical period for COSO, as the initiative is producing an update to the popular internal control framework that U.S. businesses have used to facilitate compliance with corporate governance regulations.

The original framework was issued in 1992 and is being updated to reflect changes in the business environment over the past 20 years. The new framework, along with accompanying documents on internal control over financial reporting and illustrative tools for implementation, is expected to be released in the first quarter of 2013.

Landsittel serves on the board of directors and chairs the audit committee for Molex Inc., an electronic connector manufacturer. He also is an executive in residence at DePaul University in Chicago, spent 34 years with Arthur Andersen & Co., and previously served as chairman of the AICPA Auditing Standards Board.

He has remained in the COSO chair post for a year after his initial three-year tenure expired in order to complete the internal control framework update.

“I’ve considered it a very rewarding opportunity and experience in ‘retirement’ to continue to interact with outstanding and sharp people, for example, those who are our board members and those who interact with us on various projects that we’ve undertaken,” Landsittel said.

Ken Tysiac (ktysiac@aicpa.org) is a JofA senior editor.

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