Early reflections (arriving within 20–50ms of the direct sound) are the most problematic for monitoring — your brain fuses them with the direct sound, altering perceived frequency response and imaging. Late reflections (after 50ms) contribute to the sense of spaciousness and reverb.
The first reflection points (side walls, ceiling, rear wall) should be treated with absorption panels. This removes the most damaging early reflections while leaving later reflections intact for a natural sense of space. Over-absorbing a room (covering everything in foam) creates an unnaturally dead sound that is as problematic as an untreated room.