COSO And COBIT Are Comparable Frameworks

COSO And COBIT Are Comparable Frameworks
This article will show you how to to understand some similarities and variations between two frameworks: COSO and COBIT. Some fundamental 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 issues and COBIT is more complete, process-orientated, risk, control wants, and it relates more to technical issues. COBIT covers quality and security requirements equivalent to effectiveness, effectivity, integrity, availability, compliance, confidentiality and reliability of information. These are the foundations for the control aims of COBIT.

As acknowledged by the COSO agenda, the process of inside management includes of five components. These make up for a highly competent framework for investigating and evaluating the system of inner management that is put to use in a business. These components are stated under:

- "Management Atmosphere, this offers with setting the character of a business and influencing the management awareness of its staff and it contains the honor, ethical values, operating strategies of the management, system for assigning authority and the required procedures for organizing and developing the employees in a enterprise association.
- Risk evaluation, which consists of the detection and examination of the risks which are most likely to pose a risk to attaining desired objectives.
- Control Activities, these are the rules and laws which help in guaranteeing that the orders of the administration are satisfactorily carried out.
- Data and communication which are chargeable for all news related to the operation and funds and many others of a enterprise that helps in its smooth running
- Monitoring of internal controls which points out any shortage in its quality making sure it is remedied so the system might 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 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 inside controls. COBIT also, provides a very good framework for risk management and improves communication among management, customers and auditors relating to IT governance. Accordingly, COSO focuses on monitoring and analysis, which can also be one of the COBIT's domains. Due to this fact, COSO and COBIT build collectively a strong assessment of IT based systems and processes.

For example, the corporate is implementing a new system. Therefore, the business can take an advantage of COBIT and COSO. In this case, COBIT will likely be very useful to span the system on technology based mostly processes. CABIT would additionally assist in configuration of completely different systems (new with an current accounting system). COSO would assist to evaluate the financial part and risk. Moreover, the COSO additionally will assessment all accounting associated elements and the COBIT will assist in technological integration and it also will assist with delivery and assist of the implementation.

The combination of COSO and COBIT will likely be very beneficial for AFM Corporation. All evaluation and documentation of processes might be scoped by the COSO framework and all technological points may very well be reviewed in particulars by the COBIT framework. COBIT would additionally help with the complexity of software system. However, the COSO will help control activities and the COBIT will help in detailed monitoring and evaluating.

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