This article will help you to understand some comparableities and differences between frameworks: COSO and COBIT. Some primary knowledge about these networks is required particularly for E-Commerce. COSO and COBIT are comparable frameworks, COSO’s approach is more broad-based, fewer complexes, without so much technical points and COBIT is more complete, process-orientated, risk, control wants, and it relates more to technical issues. COBIT covers quality and security necessities akin to effectiveness, effectivity, integrity, availability, compliance, confidentiality and reliability of information. These are the foundations for the management aims of COBIT.
As recognized by the COSO agenda, the process of inner control comprises of 5 components. These make up for a highly competent framework for investigating and evaluating the system of inner control that’s put to make use of in a business. These components are acknowledged under:
– “Control Surroundings, this offers with setting the character of a business and influencing the control awareness of its workers and it includes the glory, ethical values, operating strategies of the management, system for assigning creatority and the mandatory procedures for organizing and creating the staff in a business association.
– Risk evaluation, which contains the detection and examination of the risks which might be most likely to pose a risk to attaining desired objectives.
– Control Activities, these are the foundations and regulations which help in guaranteeing that the orders of the management are satisfactorily carried out.
– Information and communication which are responsible for all news related to the operation and finances and so on of a enterprise that helps in its smooth running
– Monitoring of internal controls which factors out any scarcity in its quality making sure it is remedied so the system will be improved “(Bushman, 2007).
The domains of COBIT are:
– Planning and organizing
– Acquisition and implementation
– Mange IT funding
– Delivery and help
– Monitoring and evaluation.
COBIT focuses on IT elements, which are process orientated. Moreover, the COBIT incorporates the system of development, operation, delivery, and implementation. COBIT helps strengthens assessment, understanding and exercise of appropriate inner controls. COBIT also, provides a very good framework for risk administration and improves communication amongst administration, users and auditors regarding IT governance. Accordingly, COSO focuses on monitoring and evaluation, which can be one of many COBIT’s domains. Due to this fact, COSO and COBIT build together a powerful assessment of IT based mostly systems and processes.
For instance, the corporate is implementing a new system. Subsequently, the business can take an advantage of COBIT and COSO. In this case, COBIT can be very useful to span the system on technology based processes. CABIT would also help in configuration of different systems (new with an current accounting system). COSO would help to evaluate the monetary part and risk. Moreover, the COSO additionally will assessment all accounting related aspects and the COBIT will assist in technological integration and it additionally will assist with delivery and assist of the implementation.
The mix of COSO and COBIT can be very beneficial for AFM Corporation. All evaluation and documentation of processes may very well be scoped by the COSO framework and all technological issues might be reviewed in details by the COBIT framework. COBIT would additionally assist with the complexity of software system. However, the COSO will help control activities and the COBIT will assist in detailed monitoring and evaluating.
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