This article will assist you to understand some comparableities and variations between frameworks: COSO and COBIT. Some primary knowledge about these two networks is required especially for E-Commerce. COSO and COBIT are comparable frameworks, COSO’s approach is more broad-based mostly, fewer complexes, without a lot technical points and COBIT is more complete, process-oriented, risk, control wants, and it relates more to technical issues. COBIT covers quality and security necessities similar to effectiveness, effectivity, integrity, availability, compliance, confidentiality and reliability of information. These are the foundations for the control objectives of COBIT.
As recognized by the COSO agenda, the process of internal control includes of 5 components. These make up for a highly competent framework for investigating and evaluating the system of internal control that’s put to make use of in a business. These elements are stated below:
– “Management Setting, this deals with setting the character of a business and influencing the management awareness of its employees and it includes the honor, ethical values, working strategies of the management, system for assigning authority and the necessary procedures for organizing and growing the employees in a business association.
– Risk assessment, which contains the detection and examination of the risks which might be most likely to pose a threat 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.
– Info and communication which are accountable for all news associated to the operation and funds and so on of a business that helps in its smooth running
– Monitoring of internal controls which points out any scarcity in its quality making certain 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 support
– Monitoring and evaluation.
COBIT focuses on IT parts, which are process orientated. Moreover, the COBIT accommodates the system of development, operation, delivery, and implementation. COBIT helps strengthens assessment, understanding and train of appropriate internal controls. COBIT additionally, provides a great framework for risk administration and improves communication amongst administration, customers and auditors relating to IT governance. Accordingly, COSO focuses on monitoring and evaluation, which can be one of many COBIT’s domains. Subsequently, COSO and COBIT build collectively a strong evaluation of IT based mostly systems and processes.
For example, the corporate is implementing a new system. Therefore, the enterprise 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 help in configuration of two different systems (new with an current accounting system). COSO would help to evaluate the monetary part and risk. Moreover, the COSO also will evaluate all accounting associated points and the COBIT will help in technological integration and it also will assist with delivery and assist of the implementation.
The mixture of COSO and COBIT will be very helpful for AFM Corporation. All analysis and documentation of processes might be scoped by the COSO framework and all technological issues may very well be reviewed in details by the COBIT framework. COBIT would additionally help with the complexity of software system. On the other hand, the COSO will assist management activities and the COBIT will help in detailed monitoring and evaluating.
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