Technology Solutions Company's Malcolm Schwartz Serves on COSO

Press Release:

Technology Solutions Company's Malcolm Schwartz Serves on COSO Task Force

Press Release
News Article February 2005

CHICAGO, Feb. 22 /PRNewswire-FirstCall/ -- Technology Solutions Company (TSC) (NASDAQ:TSCC) , a consulting company delivering business benefits through the application of information technology, announced that Malcolm Schwartz, senior vice president and client officer, compliance consulting group, will serve on the task force of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to develop guidance for smaller businesses in implementing the COSO Control Framework for Sarbanes- Oxley compliance.

The task force will publish a report, Implementing the COSO Control Framework in Smaller Businesses, this summer. The report is designed to fill a gap in existing guidance and help small companies with less than $200 million in annual revenue reach compliance with new laws and regulations. As a committee member, Schwartz brings expertise from leading compliance consulting engagements for TSC clients across different industries and at varying stages of addressing Sarbanes-Oxley requirements.

Schwartz is one of the four principal authors of The COSO Report published originally in 1992, which has provided much of the basis for diagnosing and improving internal controls, and which the SEC has identified as a model framework for complying with the Sarbanes-Oxley Act. "Small and midsize companies face unique challenges in managing financial reporting and compliance with SOX," said Schwartz. "These companies, with smaller infrastructures, could have difficulty managing checks and balances and segregating duties. But by building controls into business, management and governance processes, and evaluating the cost-benefit relationships for controls and risk management, they can set priorities and make compliance less burdensome."

Schwartz adds, "Smaller firms should focus on generating business benefit from compliance, using the COSO framework to make the process more efficient and cost effective."

Originally formed in 1985, COSO is a voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance. COSO comprises The Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Management Accountants (IMA).

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