MONITORING AS A COMPONENT OF INTERNAL CONTROL SYSTEMS
MONITORING AS A COMPONENT OF INTERNAL CONTROL SYSTEMS

Summary/Abstract: In 1992, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed the Internal Control – Integrated Framework (the COSO Framework), consisting of five interrelated and equally important components. Four components relate to the design and operation of the system of internal control: control environment, risk assessment, control activities, and information and communication. The fifth component – monitoring – is designed to “ensure that internal control continues to operate effectively.”1 This paper describes the auditor’s objective in an audit of internal control over financial reporting.

• Details
• Contents