Tracing: It is the evaluation of whether the internal control system makes the expected contribution to achieving the goals and objectives of the institution within the framework of compliance with internal control principles and focus points.
With monitoring, issues such as whether the activities of the Institution are carried out in line with its mission and harmony with the objectives, whether the necessary controls are envisaged within the framework of risk management principles, whether the said controls are implemented, whether the communication is clear and sufficient are determined and evaluated.
Monitoring Principles
When implementing risk management, institutions consider the following principles and the focal points related to these principles. These principles are briefly mentioned below.
Principle 16: Evaluation of Internal Control: Selects, develops, and performs ongoing evaluations to determine whether internal control components are present and operating.
Principle 17: Evaluating and Reporting Deficiencies: The organization(*) evaluates the internal control deficiencies it identifies and reports them promptly to the parties responsible for taking the necessary actions, including senior management and the board of directors, as appropriate.
*Organization: In the context of the Framework, when defining the principles, the word “organization” includes the board of directors, management, and other personnel. Generally, the board of directors functions as the oversight body under this term.
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