The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced on October 17, 2006 that it issued a Request for Proposals (RFP) inorder  to develop guidance designed to help organizations monitor the quality of their internal control systems. The product will serve as a tool for effectively monitoring internal controls, as well as complying with the U.S. Sarbanes-Oxley Act of 2002 (SOX).

COSO Chairman Larry Rittenberg, pointed out, "the development of the project will be on a one-year start-to-finish timeline to meet the need for examples, guidance, and more information regarding the monitoring component of COSO’s Internal Control — Integrated Framework (IC Framework). “

COSO was originally 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 and developed recommendations for public companies and their independent auditors, for the SEC and other regulators, and for educational institutions.

For more information please visit the following website: www.coso.org