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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:
In both instances, the internal control system may be improved, increasing the likelihood that organizational objectives will be achieved.
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
Guidance on Monitoring Internal Control Systems details:
COSO's Monitoring Guidance suggests that effective and efficient monitoring is best achieved by:
The guidance covers these and other topics in an easy-to–read, three-volume set.
The three-volume set includes:
A free summary of the guidance and its intended purpose is posted on the "Excerpts" tab above.
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Other COSO documents:
Internal Control—Integrated Framework (1992)
Enterprise Risk Management—Integrated Framework (2004)
Internal Control over Financial Reporting—Guidance for Smaller Public Companies (2006)