Perhaps it is time to `borrow' a successful, proven paradigm from another discipline.

The business and broader communities' trust in corporate management has been shaken by the recent and dramatic events at a variety of high-profile corporations. These include many of Wall Street's darlings that have fallen from grace and from their once lofty perch and status, including companies across virtually all industries. Approximately, every 10-12 years, the US experiences similar disappointments, although the most recent spate of accounting and business failures seem similar, they have been more painful and severe than the fiascos of the past.

On the heels of the publication of the Board of the National Commission on Fraudulent Financial Reporting (also known as the Treadway Commission) Report in 1987, The National Association of Accountants (today known as the Institute of Management Accountants) followed up on one of the key recommendations of the report that the sponsoring organization should "cooperate in developing additional integrated guidance on internal control." At the request of the committee of sponsoring organizations, a study was completed to address this issue.

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