31 Days to a More Effective Compliance Program - COSO Objective V: Monitoring Activities

Thomas Fox
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The fifth and final Objective is Monitoring Activities and as with all other components of the COSO Cube, Monitoring Activities are part of an inter-related whole and cannot be taken singularly. For the CCO or compliance practitioner, Monitoring Activities has been growing in importance over the past few years and will continue to do so in the future as is reinforced in the COSO 2013 Internal Controls Framework.

The Monitoring Activities See more +

The fifth and final Objective is Monitoring Activities and as with all other components of the COSO Cube, Monitoring Activities are part of an inter-related whole and cannot be taken singularly. For the CCO or compliance practitioner, Monitoring Activities has been growing in importance over the past few years and will continue to do so in the future as is reinforced in the COSO 2013 Internal Controls Framework.

The Monitoring Activities objective consists of two principles: 1) The organization selects, develops and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning; and 2) the organization evaluates and communicates internal control deficiencies timely to those parties responsible for taking corrective action, including senior management and the Board of Directors, as appropriate.

Discussion. Monitoring Activities should bring together your entire compliance program and give you a sense of whether it is running properly. Both ongoing monitoring and auditing are tools the CCO and compliance practitioner should use in support of this objective.

Three key takeaways:

1. Monitoring activities is inter-related with all other Principles and cannot be taken singularly.

2. Monitoring activities helps to ensure that all controls are present and functioning.

3. Monitoring Activities should bring together your entire compliance program and give you a sense of whether it is running properly. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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