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COSO Internal Control Framework (C5) - Monitoring Control Activities - Staffing and Succession Planning

Name

COSO Internal Control Framework (C5) - Monitoring Control Activities - Staffing and Succession Planning

Description

COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: Staffing and Succession Planning.
COSO ORGANIZATION LEVEL OF RESPONSIBILITY: BUSINESS UNITS AND ACTIVITY LEVEL

C5. Control activities should be designed as an integral part of the organization, taking into consideration its objectives, the risks to their achievement, and the inter-relatedness of the control elements.

Carry out the monitoring activities on internal controls implemented in the organization as per listed below procedures and prepare an evaluation of internal controls and communicate the deficiencies identified during the evaluation of internal controls. you can prepare an Internal Audit report for communicating the internal control deficiencies identified.

Objective:

1) Ensure that for maximum level of staffing, staff segregation and recruitment procedures should be interconnected.
2) Ensure that the level and costs related to the staffing are within the defined limits and in case of reduction in staff level it must be timely decided.
3) Ensure that in order to meet corporate objectives suitable number of staff are required for current as well as future needs.

Standard (Non-IT) Audit Program

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