Monitoring: An Integral Component of Internal Control
COSO’s 2008 Guidance on Monitoring Internal Control Systems (COSO’s Monitoring Guidance) was developed to clarify the monitoring component of internal control.
Internal controls are important both for business success and regulatory compliance. That having been said, a lot of time and effort is wasted testing, implementing and monitoring internal controls. "Effective monitoring can help streamline the assessment process, but many organizations do not fully understand this important component of internal control. As a result, they underutilize it in supporting their assessments of internal control."
"COSO’s 2008 Guidance on Monitoring Internal Control Systems (COSO’s Monitoring Guidance) was developed to clarify the monitoring component of internal control. It does not replace the guidance first issued in the COSO Framework or in COSO’s 2006 Internal Control over Financial Reporting — Guidance for Smaller Public Companies (COSO’s 2006 Guidance). Rather, it expounds on the basic principles contained in both documents, guiding organizations in implementing effective and efficient monitoring."
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Posted on 04/07/2010 by