Feature
On the Road to Effective Control Monitoring
The IIA’s Audit Executive Center’s new report, “On the Road to Effective Control Monitoring,” is currently available to IIA members through The IIA website on the Knowledge Services Web page. The article discusses six attributes of essential control monitoring programs as described by Larry Rittenberg, Ph.D., CIA, CPA, Ernst & Young professor of accounting at the University of Wisconsin and The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO’s) chairman emeritus, and Patricia Miller, CIA, CISA, CPA, Enterprise Risk Services partner at Deloitte & Touche LLP in San Francisco.
Effective monitoring of controls is an integral part of COSO’s internal control and enterprise risk management frameworks and can be a powerful ally in achieving efficient operations, preventing and detecting fraud, and ensuring risk management program success. In fact, lack of effective control monitoring was one of the main culprits leading to the demise of some of the world’s most powerful financial companies.
According to Rittenberg and Miller, successful control monitoring efforts:
1. Support increased process efficiencies.
2. Leverage organizational opportunities to increase monitoring efficiency through greater coverage at reduced costs.
3. Are applied to all elements of COSO’s Internal Control-Integrated Framework.
4. Incorporate management’s objectives for each implemented control.
5. Are proactive.
6. Are mostly built-in rather than added-on.
To read or download this and other valuable Knowledge Reports, visit The IIA’s Knowledge Services Web page or go directly to www.theiia.org/download.cfm?file=2038.
