The fifth and final component of COSO 2013, this course focuses on the two separate principles and related points that support the Monitoring component.

COSO 2013 maintained the same five components previously identified within the 1992 framework. These include:

• Control Environment
• Risk Assessment
• Control Activities
• Information & Communication
• Monitoring

Monitoring represents ongoing or separate evaluations--or some combination of the two--used to ascertain whether each of the five key COSO components of internal control are present and functioning.

Simply put, monitoring refers to your organization’s ability to observe the effectiveness of the daily operation of controls, individually and in cooperation with other controls. Management as well as external auditors must understand each of these principles and be able to validate that they exist, are appropriately designed and functioning. In addition, the components must effectively work in combination to provide for a positive attestation to internal controls.

This course covers:

• Principles supporting the Monitoring component
• Articulation of points of focus supporting the monitoring component
• Understanding how to utilize the POF most efficiently in your transition process
• Differentiation between principles and execution
• How Monitoring supports other COSO components

“Citations of information on the COSO framework, principles and points of focus mentioned through this course are directly worded from the COSO literature and relayed here with the permission of COSO.org as a training mechanism related to their framework. The full document of the Framework can be found at COSO.org”.