This article will help you to understand some relatedities and variations between two 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-primarily based, fewer complexes, without so much technical points and COBIT is more comprehensive, process-oriented, risk, control needs, and it relates more to technical issues. COBIT covers quality and security necessities reminiscent of effectiveness, efficiency, integrity, availability, compliance, confidentiality and reliability of information. These are the foundations for the management goals 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 internal management that is put to use in a business. These elements are acknowledged under:
– “Management Atmosphere, this deals with setting the character of a enterprise and influencing the control awareness of its staff and it consists of the respect, ethical values, working strategies of the administration, system for assigning creatority and the mandatory procedures for organizing and creating the employees in a enterprise association.
– Risk evaluation, which includes the detection and examination of the risks which might be most likely to pose a threat to attaining desired objectives.
– Management Activities, these are the foundations and rules which help in guaranteeing that the orders of the administration are satisfactorily carried out.
– Information and communication which are answerable for all news related to the operation and funds etc of a enterprise that helps in its smooth running
– Monitoring of inside controls which points out any scarcity in its quality making positive 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 components, which are process orientated. Moreover, the COBIT contains the system of development, operation, delivery, and implementation. COBIT helps strengthens evaluation, understanding and exercise of appropriate internal controls. COBIT additionally, provides a good framework for risk administration and improves communication among administration, users and auditors relating to IT governance. Accordingly, COSO focuses on monitoring and evaluation, which is also one of many COBIT’s domains. Subsequently, COSO and COBIT build together a strong evaluation of IT based systems and processes.
For example, the corporate is implementing a new system. Subsequently, the enterprise can take an advantage of COBIT and COSO. In this case, COBIT might be very helpful to span the system on technology based mostly processes. CABIT would also assist in configuration of two totally different systems (new with an current accounting system). COSO would help to evaluate the financial half and risk. Moreover, the COSO also will review all accounting associated elements and the COBIT will assist in technological integration and it additionally will assist with delivery and support of the implementation.
The mixture of COSO and COBIT will probably be very beneficial for AFM Corporation. All evaluation and documentation of processes could be scoped by the COSO framework and all technological issues could be reviewed in details by the COBIT framework. COBIT would also help with the complicatedity of software system. Then again, the COSO will assist management activities and the COBIT will help in detailed monitoring and evaluating.
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