Entity Level Controls - Monitoring Questionnaire

What is Monitoring?
Monitoring is a process that assesses the quality of the entity's internal control performance over time. Effective monitoring is accomplished through ongoing monitoring activities, separate evaluations, or a combination of the two. Ongoing monitoring occurs in the course of operations and includes regular management and supervisory activities, and other actions personnel take in the performance of their duties. The scope and frequency of separate evaluations will depend primarily on an assessment of risks and the effectiveness of ongoing monitoring procedures. Internal control deficiencies should be reported throughout the organization with serious matters reported to top management and the board.

What is the objective of Monitoring?
The objective of monitoring is to detect and remediate control deficiencies throughout the entire system of internal control.

The attached questionnaire captures the following information about control objectives related to entity-level monitoring controls:

- COSO Attribute
- Does this control exist?
- Describe specific activities, programs or controls in place that satisfy the objective
- New/Changed in current year
- Controls properly designed?
- Control owner
- Test procedures
- Documentation reference
- Work paper reference
- Controls operating effectively?
- Describe the basis for effectiveness conclusion (including evidence of operation)
- Deficiencies noted
- Type of deficiency (Efficiency, Fin. Reporting, Compliance)
- Management action plan to address deficiencies