This article will assist you to to understand some similarities and differences between frameworks: COSO and COBIT. Some fundamental knowledge about these networks is required particularly for E-Commerce. COSO and COBIT are comparable frameworks, COSO’s approach is more broad-based mostly, fewer complexes, without so much technical points and COBIT is more complete, process-orientated, risk, control needs, and it relates more to technical issues. COBIT covers quality and security requirements resembling effectiveness, effectivity, integrity, availability, compliance, confidentiality and reliability of information. These are the foundations for the management targets of COBIT.
As acknowledged by the COSO agenda, the process of internal control comprises of five components. These make up for a highly competent framework for investigating and evaluating the system of internal control that’s put to use in a business. These components are said under:
– “Management Surroundings, this offers with setting the character of a enterprise and influencing the management awareness of its staff and it contains the dignity, moral values, operating methods of the management, system for assigning authority and the necessary procedures for organizing and creating the employees in a enterprise association.
– Risk assessment, which includes the detection and examination of the risks which can be most likely to pose a menace to attaining desired objectives.
– Control Activities, these are the principles and laws which assist in guaranteeing that the orders of the administration are satisfactorily carried out.
– Info and communication which are responsible for all news associated to the operation and funds etc of a enterprise that helps in its smooth running
– Monitoring of internal controls which points out any shortage in its quality making sure it is remedied so the system may be improved “(Bushman, 2007).
The domains of COBIT are:
– Planning and organizing
– Acquisition and implementation
– Mange IT investment
– Delivery and assist
– Monitoring and evaluation.
COBIT focuses on IT parts, which are process orientated. Moreover, the COBIT comprises the system of development, operation, delivery, and implementation. COBIT helps strengthens assessment, understanding and train of appropriate inside controls. COBIT also, provides a great framework for risk administration and improves communication amongst management, users and auditors relating to IT governance. Accordingly, COSO focuses on monitoring and analysis, which can also be one of the COBIT’s domains. Therefore, COSO and COBIT build together a powerful evaluation of IT primarily based 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 will probably be very helpful to span the system on technology based mostly processes. CABIT would also assist in configuration of totally different systems (new with an existing accounting system). COSO would help to judge the monetary part and risk. Moreover, the COSO also will evaluation all accounting associated aspects and the COBIT will help in technological integration and it also will help with delivery and assist of the implementation.
The mixture of COSO and COBIT will be very beneficial for AFM Corporation. All evaluation and documentation of processes could be scoped by the COSO framework and all technological issues may very well be reviewed in particulars by the COBIT framework. COBIT would also help with the complexity of software system. Then again, the COSO will help control activities and the COBIT will assist in detailed monitoring and evaluating.
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