This article will provide help to to understand some relatedities and variations between two 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-primarily based, fewer complexes, without so much technical points and COBIT is more comprehensive, process-oriented, risk, control wants, and it relates more to technical issues. COBIT covers quality and security requirements reminiscent of effectiveness, effectivity, integrity, availability, compliance, confidentiality and reliability of information. These are the foundations for the management objectives of COBIT.
As acknowledged by the COSO agenda, the process of internal control includes of five components. These make up for a highly competent framework for investigating and evaluating the system of inner management that’s put to make use of in a business. These elements are stated below:
– “Management Surroundings, this deals with setting the character of a business and influencing the control awareness of its employees and it consists of the respect, ethical values, operating methods of the management, system for assigning writerity and the necessary procedures for organizing and growing the staff in a enterprise association.
– Risk assessment, which contains 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 principles and rules which assist in guaranteeing that the orders of the management are satisfactorily carried out.
– Information and communication which are liable for all news associated to the operation and finances and many others of a enterprise 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 could be improved “(Bushman, 2007).
The domains of COBIT are:
– Planning and organizing
– Acquisition and implementation
– Mange IT investment
– Delivery and support
– Monitoring and evaluation.
COBIT focuses on IT elements, which are process orientated. Moreover, the COBIT comprises the system of development, operation, delivery, and implementation. COBIT helps strengthens assessment, understanding and exercise of appropriate internal controls. COBIT also, provides a superb framework for risk administration and improves communication among management, users and auditors relating to IT governance. Accordingly, COSO focuses on monitoring and evaluation, which can also be one of the COBIT’s domains. Subsequently, COSO and COBIT build together a strong assessment of IT primarily based systems and processes.
For instance, the company is implementing a new system. Subsequently, the business can take an advantage of COBIT and COSO. In this case, COBIT might be very useful to span the system on technology based mostly processes. CABIT would additionally assist in configuration of two completely different systems (new with an existing accounting system). COSO would help to judge the financial part and risk. Moreover, the COSO additionally will overview all accounting associated facets and the COBIT will assist in technological integration and it additionally will help with delivery and support of the implementation.
The mix of COSO and COBIT can be very beneficial for AFM Corporation. All evaluation and documentation of processes could be scoped by the COSO framework and all technological points could be reviewed in details by the COBIT framework. COBIT would additionally assist with the complicatedity of software system. On the other hand, the COSO will support management activities and the COBIT will assist in detailed monitoring and evaluating.
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