This article will allow you to to understand some comparableities and differences between frameworks: COSO and COBIT. Some basic 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 issues and COBIT is more comprehensive, process-orientated, risk, management needs, and it relates more to technical issues. COBIT covers quality and security necessities comparable to effectiveness, efficiency, integrity, availability, compliance, confidentiality and reliability of information. These are the foundations for the control goals of COBIT.
As recognized by the COSO agenda, the process of inside 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 make use of in a business. These elements are stated beneath:
– “Control Surroundings, this deals with setting the character of a enterprise and influencing the management awareness of its staff and it consists of the glory, moral values, operating strategies of the administration, system for assigning writerity and the mandatory procedures for organizing and growing the workers in a enterprise association.
– Risk evaluation, which includes the detection and examination of the risks which can be most likely to pose a menace to attaining desired objectives.
– Management Activities, these are the foundations and regulations which assist in guaranteeing that the orders of the management are satisfactorily carried out.
– Information and communication which are chargeable for all news associated to the operation and finances and so forth of a business that helps in its smooth running
– Monitoring of inside controls which points out any shortage in its quality making positive it is remedied so the system can be improved “(Bushman, 2007).
The domains of COBIT are:
– Planning and organizing
– Acquisition and implementation
– Mange IT funding
– Delivery and assist
– 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 train of appropriate internal controls. COBIT also, provides a great framework for risk management and improves communication amongst administration, users and auditors relating to IT governance. Accordingly, COSO focuses on monitoring and evaluation, which is also one of the COBIT’s domains. Therefore, COSO and COBIT build together a strong evaluation of IT based systems and processes.
For example, the company is implementing a new system. Due to this fact, the enterprise can take an advantage of COBIT and COSO. In this case, COBIT shall be very helpful to span the system on technology primarily based processes. CABIT would additionally assist in configuration of two different systems (new with an present accounting system). COSO would help to evaluate the financial half and risk. Moreover, the COSO additionally will evaluate all accounting related facets and the COBIT will help in technological integration and it also will assist with delivery and support of the implementation.
The mix of COSO and COBIT will likely be very helpful for AFM Corporation. All analysis and documentation of processes might be scoped by the COSO framework and all technological issues could possibly be reviewed in details by the COBIT framework. COBIT would additionally help with the advancedity of software system. On the other hand, the COSO will help control activities and the COBIT will assist in detailed monitoring and evaluating.
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