This posting will enable you to recognize some similarities and discrepancies between two frameworks: COSO and COBIT. Some basic information about these two networks is essential in particular for E-Commerce. COSO and COBIT are equivalent frameworks, COSO’s technique is extra broad-based, fewer complexes, without the need of so much complex difficulties and COBIT is more thorough, course of action-oriented, threat, handle requirements, and it relates far more to complex troubles. COBIT covers excellent and protection demands this sort of as effectiveness, performance, integrity, availability, compliance, confidentiality and dependability of facts. These are the foundations for the regulate goals of COBIT.
As acknowledged by the COSO agenda, the method of inner management contains of 5 parts. These make up for a highly capable framework for investigating and assessing the program of interior management that is put to use in a company. These elements are mentioned beneath:
– “Command Setting, this deals with environment the character of a small business and influencing the control recognition of its employees and it contains the honor, ethical values, running solutions of the management, program for assigning authority and the vital treatments for organizing and producing the staff members in a enterprise affiliation.
– Possibility assessment, which contains the detection and examination of the challenges that are most probably to pose a risk to attaining ideal objectives.
– Regulate Actions, these are the guidelines and laws which aid in guaranteeing that the orders of the management are satisfactorily carried out.
– Information and facts and conversation which are liable for all information linked to the procedure and funds etc of a enterprise that can help in its clean jogging
– Monitoring of interior controls which points out any lack in its top quality making guaranteed it is remedied so the method can be improved “(Bushman, 2007).
The domains of COBIT are:
– Scheduling and organizing
– Acquisition and implementation
– Mange IT financial investment
– Shipping and delivery and aid
– Monitoring and evaluation.
COBIT focuses on IT components, which are process orientated. Moreover, the COBIT consists of the technique of enhancement, procedure, delivery, and implementation. COBIT will help strengthens evaluation, knowing and exercising of appropriate inside controls. COBIT also, supplies a superior framework for hazard administration and improves conversation among management, consumers and auditors pertaining to IT governance. Appropriately, COSO focuses on checking and analysis, which is also one of the COBIT’s domains. As a result, COSO and COBIT build together a solid assessment of IT based programs and processes.
For example, the organization is applying a new procedure. Hence, the organization can choose an benefit of COBIT and COSO. In this case, COBIT will be quite valuable to span the system on engineering based processes. CABIT would also assist in configuration of two different systems (new with an existing accounting system). COSO would help to assess the money section and chance. Furthermore, the COSO also will critique all accounting associated aspects and the COBIT will enable in technological integration and it also will enable with shipping and delivery and assist of the implementation.
The combination of COSO and COBIT will be quite advantageous for AFM Company. All analysis and documentation of processes could be scoped by the COSO framework and all technological difficulties could be reviewed in particulars by the COBIT framework. COBIT would also help with the complexity of application program. On the other hand, the COSO will guidance control things to do and the COBIT will help in comprehensive checking and assessing.