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Post details: Sarbanes Oxley and COSO Components - Monitoring
01/01/06
Sarbanes Oxley and COSO Components - Monitoring
Sarbanes Oxley requires that internal controls be measured against a suitable internal control framework. Sarbanes Oxley suggests COSO as one of the better frameworks for internal control evaluation. Today, I am discussing one of the most important COSO components which is monitoring. As I understand it,
"Monitoring is the process of assessing the design and operation of controls on a timely basis, taking neccesary action by the enterprise personnel".
One point ot keep in mind is that Monitoring applies to all organizational control activities. This includes outsourced activities, third party vendor activities and of course internal organizational control activities. Monitoring can be done in the following two ways.
- Ongoing Activites
- Seperate Evaluations
More on Sarbanes Oxley >>
Steps in Designing Internal Control
Section 404 Management Assessment of Internal Controls
Concept of Monitoring
SarbanesOxleySection, 404restatement
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