This article will assist you to to understand some relatedities 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 mostly, fewer complexes, without a lot technical issues and COBIT is more comprehensive, process-orientated, risk, management 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 control targets of COBIT.
As recognized by the COSO agenda, the process of inner management includes of five components. These make up for a highly competent framework for investigating and evaluating the system of inside control that’s put to use in a business. These parts are said under:
– “Control Setting, this deals with setting the character of a enterprise and influencing the management awareness of its employees and it consists of the dignity, ethical values, working strategies of the administration, system for assigning writerity and the required procedures for organizing and growing the staff in a business association.
– Risk evaluation, which includes the detection and examination of the risks that are most likely to pose a menace to attaining desired objectives.
– Control Activities, these are the foundations and laws which assist in guaranteeing that the orders of the administration are satisfactorily carried out.
– Data and communication which are answerable for all news associated to the operation and finances and so forth of a enterprise that helps in its smooth running
– Monitoring of internal controls which factors out any shortage 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 investment
– Delivery and assist
– Monitoring and evaluation.
COBIT focuses on IT components, which are process orientated. Moreover, the COBIT incorporates the system of development, operation, delivery, and implementation. COBIT helps strengthens evaluation, understanding and train of appropriate inside controls. COBIT also, provides a superb framework for risk administration and improves communication among management, users and auditors regarding IT governance. Accordingly, COSO focuses on monitoring and analysis, which can be one of the COBIT’s domains. Therefore, COSO and COBIT build collectively a powerful assessment 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 will likely be very helpful to span the system on technology based processes. CABIT would additionally help in configuration of completely different systems (new with an current accounting system). COSO would help to guage the financial part and risk. Moreover, the COSO additionally will evaluation all accounting associated aspects and the COBIT will assist in technological integration and it additionally will assist with delivery and support of the implementation.
The combination of COSO and COBIT might be very beneficial for AFM Corporation. All analysis and documentation of processes may very well be scoped by the COSO framework and all technological issues may very well be reviewed in details by the COBIT framework. COBIT would additionally assist with the advancedity of software system. However, the COSO will assist control activities and the COBIT will help in detailed monitoring and evaluating.
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