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October 1, 2007

Rittenberg-led COSO Initiative Gathers National Attention

The Committee of Sponsoring Organizations of the Treadway Commission, led by Professor Larry Rittenberg, Accounting and Information Systems, recently released a discussion document: Guidance on Monitoring Internal Control Systems. The discussion document, developed by COSO and a Grant Thornton LLP team, is accompanied by access to a Web-based feedback portal on the COSO website.

“This guidance more fully develops the monitoring component of COSO’s Internal Control- Integrated Framework,” Rittenberg said in a press release. “The guidance is appropriate for organizations of any size or structure to improve the quality of their internal controls systems for multiple business purposes.”

COSO is seeking to answer questions about the clarity and applicability of the guidance on the feedback portal. The portal will close Oct. 31, 2007. Feedback will be used to develop an exposure draft available later this year. The final publication is scheduled for release in the first quarter of 2008. To comment on the discussion document, visit www.coso.org/publications.htm.