COSO Names New Chairman
David Landsittel, CPA, recently was named the new chairman of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), an organization that provides thought leadership and guidance dealing with internal controls, enterprise risk management, and fraud deterrence. Landsittel replaces Larry E. Rittenberg, Ph.D., CIA, CPA, who served as COSO chairman since 2005. Landsittel was selected after an extensive four-month search. The COSO Board chose Landsittel based on his leadership skills, knowledge of risk management and control, his previous service as chairman of the Auditing Standards Board, and his leadership in developing the external auditors’ responsibility for detecting fraud (SAS 99).
As COSO chairman, Landsittel will lead the COSO board in developing and providing continuing guidance in risk management, internal control, fraud, and governance. Other major responsibilities include interacting with regulators — the United States Securities and Exchange Commission, the Public Company Accounting Oversight Board, and similar organizations — on issues related to internal control reporting and risk management reporting, representing COSO with financial leaders of major countries around the world, and identifying new areas where COSO can enhance the efficiency of organizations through better risk management and internal controls.
“I am honored to have been selected as COSO’s new chairman and am excited about the opportunity to be involved in its continuing efforts to address issues important to the success of businesses and other organizations and the effectiveness of their governance structures,” Landsittel says.
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 as chair of the audit committees for Molex Inc. and Burnham Investors Trust for the Burnham Family of Funds. 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.