COSO Updates Monitoring Facet of Internal Control

The Committee of Sponsoring Organizations, founded out of the Treadway Commission and best known for its Framework for Internal Control (hereafter COSO Framework), worked together with Grant Thornton to produce the monograph "Guidance on Monitoring Internal Control Systems." This guidance concentrates on monitoring, one of the five elements of the COSO Framework. It states that many companies have effective monitoring but fail to fully use the information developed by the monitoring system while other companies still do not have an effective monitoring system. In either case, improved monitoring procedures can improve internal control, sometimes without additional cost. A free download is available at www.coso.org

Congratulations to both COSO and Grant Thornton on this new resource. Hopefully, many businesses and organizations will use this material and improve the monitoring facet of internal control.