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Organized in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, this independent private-sector initiative studied the causal factors that can lead to fraudulent financial reporting. It is sponsored jointly by five major professional associations headquartered in the United States: the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), The Institute of Internal Auditors (IIA), and the National Association of Accountants (now the Institute of Management Accountants [IMA]).
What is COSO?