An internal combustion engine includes an exhaust system, an oxygen sensor in the exhaust system and a sensor malfunction monitor. The sensor malfunction monitor measures a rate of change of a signal from the sensor on detecting a turning point of the signal and detects a malfunction when a rate of change of the signal exceeds a threshold. Alternatively, the sensor malfunction monitor measures a response time interval starting from a point in time at which a diagnostic function begins to force an air-fuel ratio to change (e.g., from lean-to-rich or rich-to-lean) and ends at a point in time when a turning point of the signal is detected. The sensor malfunction monitor detects a malfunction when the delay time of the response time interval, or average delay time from a plurality of measured response time intervals, exceeds a time threshold.