COSO Internal Control Framework (C5) Monitoring Control Activity Market Research
COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: Market Research
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.
1) Ensure that all product development, marketing and sales related activities are stand upon the external factors such as prevailing economic, market, customer trends, and competitor.
2) Ensure that by exploring the new markets or opportunities, differentiated products and services must be determined.
3) Ensure the validity, accuracy and reliability of the market research, market data, market research agencies and effective results are derived from the market.
4) Ensure the value for money and effectiveness the promotional and advertising activities are appropriately targeted as mode and matching the market expectation of products and services in terms of quality, price and performance.
5) Ensure that proper testing is done before the launch of all new and prototype products/services.
6) Ensure that needs and requirements of the customers are appropriately considered and complaints and return product are adequately verify for modification.