Who is primarily responsible for monitoring internal control?

Management is primarily responsible for monitoring internal control because it plays a crucial role in establishing, implementing, and maintaining the internal control system within an organization. This responsibility includes ensuring that internal controls are effectively designed to achieve operational efficiency, reliable reporting, and compliance with applicable laws and regulations.

Management must regularly evaluate the effectiveness of these controls, making adjustments as necessary to respond to changing conditions or emerging risks. They are also accountable for setting the tone at the top, which influences the culture of compliance and ethical behavior throughout the organization. While internal auditors, independent auditors, and the governing body contribute to the assessment and oversight of internal controls, it is management that holds the ultimate responsibility for their monitoring and functioning.

In summary, management's proactive oversight and continuous evaluation of internal controls are vital for safeguarding assets, ensuring accurate financial reporting, and promoting operational efficiency.