Lesson: Monitoring

In this lesson, unravel the finer points of monitoring—one of the critical components that consistently attracts attention on the CPA exam. Nick Palazzolo, CPA, elucidates how evaluating the design and the operation of controls is not just a one-time event, but a continuous process that demands timely corrective actions. This ensures that the mechanisms in place can adapt to dynamic risk environments. Nick goes deep into the nitty-gritty of how ongoing and separate evaluations play a pivotal role in the effectiveness of internal audits and how communicating deficiencies to the right stakeholders is crucial for proactive governance. Get ready for a clear directive from Nick: remember the key aspects of monitoring, as they're pivotal to mastering the internal control process.