COSO Internal Control Framework (C5) Monitoring Communication and Information
COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: Communication and Information.
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 organizational financial reporting and their associated application as well as information systems are accurate.
2) Ensure that important and relevant information are shared with the management and vice versa.
3) Ensure that relevant and reliable information is gathered and share with the concerned people on timely manner.
4) Ensure that appropriate process is available for identifying and responding to the information that is changed and need of communication.
5) Ensure that organization effectively communicates with the employees about their responsibilities in relation to the internal control.
6) Ensure that appropriate whistle blowing program is available and management response is closely monitored.