Former IIA Global Chair Paul Sobel to Lead COSO

The Committee of Sponsoring Organizations of the Treadway Commission (COSO), a joint initiative to improve organizational performance and governance, announced Thursday the appointment of Paul Sobel as its new chairman. Sobel, who is Vice President and Chief Audit Executive at Georgia-Pacific LLC, was appointed to a three-year term.

Sobel, CIA, QIAL, CRMA, is recognized as a leading expert on governance, enterprise risk management, compliance, and internal control. He was selected for this position because of his extensive background along with his experience in corporate environments and professional service firms.

Sobel is a longtime volunteer with The IIA. He was Global Chairman in 2013-14, president of the Internal Audit Foundation, program chair for The IIA’s International Conference in 2010 and 2013, and The IIA’s representative on the Pathways Commission, which developed recommendations to enhance the future of accounting education in the United States.

At COSO, Sobel succeeds Robert B. Hirth Jr., who served as the organization’s chairman since 2013. Hirth notably and most recently led the committee through an update of COSO’s ERM Framework, one of the most widely recognized and applied risk management frameworks in the world. The update was released in September 2017. Sobel served on the Advisory Council for the ERM update.

Sobel has led audit functions at several large companies. At Georgia-Pacific, he is responsible for managing the internal audit function and providing on-going oversight and advice on risk management and compliance programs.

Sobel is a frequent speaker and prolific author on governance, ERM and internal audit topics. Among his works published by the Internal Audit Foundation, he wrote the new “Managing Risks in Uncertain Times: Leveraging COSO’S New ERM Framework,” as well as “Auditor’s Risk Management Guide: Integrating Auditing and ERM.” He co-authored “Internal Auditing: Assurance and Consulting Services,” a comprehensive textbook designed to teach students about the fast-growing global profession of internal auditing.

“It is an honor and privilege to be selected as COSO’s new chairman,” Sobel said. “I have been actively involved in the latest developments with the committee to help organizations across the globe improve their risk management, governance, and controls in our collective effort to deter corporate fraud.”

Sobel was chosen from a group of more than a dozen applicants after a rigorous selection process.

“Paul is an exemplary leader with a strong vision,” said COSO Lead Director and IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA. “I, along with the Board, strongly believe that he is well-qualified to further COSO’s important mission,”

“The COSO Board would like to also extend its deepest gratitude to Bob Hirth for his outstanding service and significant contribution to COSO,” Chambers said. “The Board wishes Bob much success in his future endeavors.”