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COSO Internal Control Framework (C5) Monitoring Control Activity - Entity's Control Environment - August 2016

Name

COSO Internal Control Framework (C5) Monitoring Control Activity - Entity's Control Environment - August 2016

Description

COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: Entity's Control Environment.
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 through attitudes and actions, the management establishes a commitment to character, integrity and high ethical values.
2) Ensure that for demonstrating the commitment to competence the management specifies the level which is required for particular jobs and translate those requirements into knowledge and skills.
3) Ensure that the Board of Directors and Audit Committee actively owes the significant level of influence over the organization.
4) Ensure that an efficient control environment exist in operating style and Management's philosophy.
5) Ensure that for promoting an efficient control environment, the organizational structure is appropriately designed.
6) Ensure that policies and procedures in relation to the Human resource are appropriately developed and communicated in respect of expected levels of integrity, ethical behavior and competence.

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Standard (Non-IT) Audit Program

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