Name

COSO Internal Control Framework (C5) Monitoring Control Activity - Launching Product

Description

COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: Launching Products
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 validation and documentation in relation to new product, process, and technology concepts are accurate.
2) Ensure that meeting and identifying the customer requirements are adequate.
3) Ensure that appropriate personnel having relevant skill are assigned to the project.
4) Ensure that for maximizing the profit and optimizing the resource allocation, appropriate decisions in relation to make it own or outsource are taken.
5) Ensure that appropriately suppliers are selected and monitors their performance.
6) Ensure that Intellectual property/product liability related issues are adequately resolved and regulatory requirements are properly followed.
7) Ensure that product development's cost are correctly calculated and recorded.

Standard (Non-IT) Audit Program

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