Which of the following best describes the COSO component "monitoring?"
A)internal auditors are responsible for monitoring internal controls to make sure they are operating as intended
B)external auditors are responsible for monitoring internal controls to make sure they are operating as intended
C)user departments are responsible for monitoring internal controls to make sure they are operating as intended
D)management is responsible for monitoring internal controls to make sure they are operating as intended

Question

Quizplus · Accepted Answer

Monitoring is a component of the COSO framework that involves assessing the quality of internal control performance over time. This responsibility rests primarily with management, who must ensure that internal controls are functioning as intended and make any necessary adjustments or remediations as needed. While internal and external auditors may play a role in monitoring, their responsibilities are more focused on providing assurance and testing the effectiveness of internal controls rather than directly monitoring them. Similarly, while user departments may have a role in identifying weaknesses in internal controls, the primary responsibility for monitoring and ensuring controls are effective lies with management.

Which of the Following Best Describes the COSO Component "Monitoring