The COSO guidance was originated in the 1990’s in response to the Savings and Loan Crisis. It was developed to provide guidance to organizations while developing a system of internal control for their companies. About three years ago I was asked by Jeff Thomson, President and CEO of the Institute of Management Accountants (IMA), to join the IMA team helping to update the more than 20-year-old guidance. The team was ably led by J. Stephen McNally Finance Director/Controller of the Campbell Soup Company. Continue reading →