This 2009 COSO document brings together leading practices at large and small organizations and provides in-depth guidance for implementing the monitoring component of COSO's Internal Control — Integrated Framework.
The COSO board recognizes that management's assessment of internal control often has been a time-consuming task that involves a significant amount of annual management and/or internal audit testing. Effective monitoring can help streamline the assessment process, but many organizations do not fully understand how to take full advantage of this important component of internal control. COSO's Monitoring Guidance is designed to improve the use of monitoring by helping organizations:
The culmination of two years of expert critical debate, the guidance brings together leading practices at large and small organizations and provides in-depth guidance for implementing the monitoring component of COSO's Internal Control—Integrated Framework.
COSO's Monitoring Guidance suggests that effective and efficient monitoring is best achieved by:
Establishing a foundation for monitoring, including a proper tone at the top, organizational structure and a baseline understanding of internal control effectiveness Designing and executing monitoring procedures that seek to evaluate "persuasive" information about "key controls" addressing "meaningful risks" to organizational objectives Assessing results and reporting them to appropriate parties The guidance covers these and other topics in an easy-to-read, three-volume set.
The Three-Volume Set Includes:
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