Committee of Sponsoring Organizations (COSO)

IMA is a founding sponsor of the Committee of Sponsoring Organizations (COSO).

COSO was formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private-sector initiative which 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 IMA and four other major U.S. professional associations: the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and The Institute of Internal Auditors (IIA).

The original chairman of the National Commission was James C. Treadway, Jr., executive vice president and general counsel, Paine Webber Incorporated, and a former Commissioner of the U.S. Securities and Exchange Commission. Hence, the popular name the "Treadway Commission."

IMA is an active participant in the activities of COSO, and there are regular opportunities for IMA members to contribute to discussion documents guiding the statements of the organization.

Visit the COSO website.