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COSO Elects New Chairman

November 01, 2009

The Committee of Sponsoring Organizations (COSO) of the Treadway Commission has elected David L. Landsittel, CPA as its new chairman. Jeff Thomson, IMA’s President and CEO, took the lead in the organization’s search for the Chairman’s position.

Mr. Landsittel was selected after an extensive four-month search. The COSO board was particularly impressed with his leadership skills, knowledge of risk management and control, his previous service as chairman of the Auditing Standards Board, as well of his leadership in the development of the external auditor’s responsibility for detecting fraud (SAS 99). As COSO chairman, Mr. Landsittel will lead the COSO board in developing and providing continuing guidance in risk management, internal control, fraud, and governance. His other major responsibilities will include interacting with regulators, such as the United States Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), and similar organizations – on issues related to internal control reporting and risk management reporting. He will represent COSO with financial leaders of major countries around the world and identify new areas in which COSO can enhance the efficiency of organizations through better risk management and internal controls.

Mr. Landsittel replaces Larry E. Rittenberg, PhD, CPA, CIA, who served as COSO Chairman since 2005. Recognizing Mr. Rittenberg’s outstanding leadership of COSO during the last four and a half years, its Board has designated him as “chair emeritus.” In that role, he will provide important support to Mr. Landsittel and the COSO Board in implementing COSO’s strategic plan that has been developed during the past two years.

Mr. Landsittel is currently a consultant to accounting firms and others on auditing, financial reporting, corporate governance, and quality control matters. He also serves on the board of directors and chair of the audit committees for Molex Incorporated and Burnham Investors Trust for the Burnham Family of Funds. Mr. Landsittel began his career and spent 34 years with Arthur Andersen & Co. He was previously chair of the Illinois CPA Society and more recently chair of the CPA Endowment Fund of Illinois, a not-for-profit group that provides scholarships and encourages qualified students to pursue careers in public accounting. He holds an MBA from the University of Chicago Graduate School of Business and an undergraduate degree from DePauw University.

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